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Santander's mis-hiring fiasco
This financial times podcast is supported by capital. One capital. One is reimagining banking by offering accounts with no fees are minimums that can be opened from anywhere in five minutes. Capital one. What's in your wallet capital? One NA. Hello. From the newsroom if the financial times engine. I'm C symbolism bang case on tender said this week. It would no longer hire. Andrea or show, the outgoing boss of UBS investment Bank as its chief executive the amount that the Spanish Bank would have had to pay Mr. order to compensate him for deferred stock awards and join his career at Bs was apparently just too much. Patrick Jenkins discusses what went wrong with David Cray. And Stephen Morris. Just when you still nothing could get more exciting than Brexit and the Tuesday night vote, which saw Prime Minister Theresa May's deal. Stunningly rejected Spain's biggest banks on dare unveiled some stunning news of its own. This was the revelation by Anna, teen, the executive chairman of Santander that the chief executive that she had recruited back last autumn Andrey Rochelle the she was hiring out of UBS was no longer gonna come and take that job. David. This was it's fair to say a pretty surprising piece of news what on earth happened. So very surprising and very barris ING for Santander. They revealed that the chief executive on a Bettine had hand picked to take Santander forward was no longer joining the company apparently after a major row of his compensation package. He wanted to be made good for. For withhold around fifty million euros was of stock in UBS, benefits and other goodies. And he didn't care where the money came from. He wanted a mixture of Santander and UBS to make him good on that. And in the end, they weren't willing to stump up. Yeah. Absolutely. And it's the latest in a series of moves that Andre Rochelle's made his last big change was about seven years ago to UBS from Bank of America, Merrill, Lynch where we understand he took something like thirty million also of Merrill, Lynch stock with him at the time. What's different this time? Why did something they're not want to stump up? While what we're hearing is that company fills the sort of political winds in Spain. Have changed bankers always unpopular are particularly unpopular at the moment. There's a socialist party government popped up by the populist, but demos, there are sort of. Various other things going on in the banking wild. And they just felt that this number will be it would have been paid in Santander deferred stock and audibly would have given him a major financial stake in trying to improve the Shatt price. But they just felt that the big number would have been too much for them to wet. And Stephen let me bring you in here because this was also something is difficult for UBS to countenance the idea that they would honor some or indeed all of Mr. Rochelle's stock entitlement, originally, certainly this was Santa Ndeze understanding UBS had suggested that they would stump up for a part of this amount. But that that wasn't then ultimately going to happen. They perhaps didn't want to be seen to be paying out money on necessarily either. Well, there are a lot of moving here. The chairman he's running that I looking she needed several things happen. She needed you. Hang out some of the desert. Stock Mr. gel, then she needed Mr. rotel to accept that. He wouldn't probably get the full amount on they needed the sound time. They're board to sign off on this. I watering amount of money that we required to bring him. She gave on cello guarantees that she could make all this happen. And then it transpired a few months later down the line. Because remember, this was announced last awesome. But none of those three things before into place to make this deal work. So in a way, it's a blow her credibility. She's a successor. He was gonna come in and help her sore. Cal Bank and take it future. Digitize it Wolters geographic footprint reinstitute central control over its fath- lem geographies. And now he's had to reappoint the person she just moved out of the CEO position. And I think it's what's facet called a bit of a main duck appointment, so everyone goes to the credibility here. The mountainous John himself on both in trying to appoint this person actually failing to get it over the line and UBS revealing just how much money. That'd been paying dial early David win, Mr. shell was going to be going to a competitor. Why was there ever any idea that UBS might stump up for some of his pay? I mean, surely it was never going to be in their interest to do that. Well, I think the gamble on. It was a gamble. Santan was taking was the as a major client of EVS, which it must have handed millions of euros of fees to over the years that UBS would be very concerned about preserving that relationship. Indeed. That relationship is probably worth more to it than the money would have had to pay to Mr. shell. But you again, I think the optics of that in the Nigam were less bad than hunting him the shares and one final word on the UBS angle. Stephen, do you think it's fair to say there's an irony in the outcome of this because if they will loathe to stump up at least part of the package that he was going with to take. Share of that when he was going to go to Sunday now that he's just leaving. He is entitled to his full package, and they are going to be left financing that whole fifty million package will exactly he went out on the beach or run a farm seven years. He would eventually get money paid out in Nubia stock, and there's also a question about how the very close financial relationship between UBS you can the main advise on store shelves Santan there for years how that plays out down the line. Now, there seems to be this tripod Bonnie has been going on for the past few months. So it looks like nothing short Chelsea decides to join another institution. Which would of course, they a big gamble by them is now everyone knows what this mammal car to bring them into your Bank or financial institution. It certainly looks like everybody is coming up at risk face. This a funnel told David I think you just can't overstate how barris ING this is for everyone involved, especially teen and Mr. shell because. These are supposed to be two of the world's permit. Dealmakers patina has bought banks across the world and integrated into Santanda and or child has been an advisor on some of the most eye-catching EMMY and between them they couldn't saw an employment contract out for one person those lessons there for all of us. I'm sure thank you very much. David and Stephen. That was Patrick Jenkins. FT financial editor to walk into David Craig banking, editor and Stephen Morris. European banking. Correspondent we'll be back with another news feature. Smari? In the meantime, if you're not ready a subscriber and would like to discover more F T content d take a look at our latest subscription offer at F T dot com slash.
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