SINGAPORE (Jan 21): “We have had to balance the respect we have for the millions of people, customers and shareholders we serve, with the very significant cost of hiring one individual, even one as talented as Andrea.” — Ana Botín, Santander’s executive chairman, on rescinding her offer to hire UBS’ former head of investment banking Andrea Orcel as the Spanish bank’s new CEO. Santander’s board refused to compensate the €50 million ($77 million) Orcel would forego for joining a competitor.

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