UniCredit designates investment banker Orcel as new CEO

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first_imgMILAN (AP) — Italian bank UniCredit says Andrea Orcel, one of Europe’s leading investment bankers, will replace outgoing CEO Jean Pierre Mustier, who offered his resignation this fall over strategic differences with the board. Orcel, a 57-year-old Italian, faces a shareholder vote before being confirmed in the role running Italy’s largest bank. Orcel spent 20 years at Merrill Lynch, where he helped manage some of the biggest bank mergers n Europe, including the merger of Credito Italiano and UniCredito to form UniCredit in 1998.  He most recently ran the UBS Investment bank from 2014-2018 and was slated to take over Spanish bank Santander in 2018, but ended up in a dispute over compensation.last_img

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