Andrea Orcel never became CEO of Santander, despite the mutual interest. Instead, the Spanish giant has now hired his former deputy and given him a top job in the U.K.

Investment banking veteran William Vereker will take over as chairman of Santander in the U.K. He replaces Labor-politician Shriti Vadera on November 1, 2020, the bank said in a statement. Vereker, who served ex-Prime Minister Theresa May for two years, most recently was the vice chairman of J.P. Morgan in the Emea region, that includes Europe, the Middle East and Africa.

Vereker is looking back over a 30-year career as an investment banker in London. From 2013 through 2018, he was Andrea Orcel's deputy at the investment bank of UBS. Orcel had convinced Vereker to join from rival Nomura with the offer of a lucrative contract, but the two parted ways again in 2018 after a disagreement.

Orcel Is Still on the Market

Orcel also left Switzerland's biggest bank a short while later for the lucrative job as CEO of Santander. But the deal never realized because Santander would have had to stomp up 50 million euros for his deferred bonuses.

While Vereker now has landed a top job with Santander, Orcel, his former boss, is unemployed still and fighting with the Spanish bank over millions of euros.