Abigail with attitude: UBS’s Orcel escapes financial repression

I thought about this in early March, when I read that Andrea Orcel, the head of UBS’s investment bank, had received a SFr25 million ($26.4 million) package when he joined the Swiss bank from Bank of America. The headline number has prompted a sharp intake of breath from many commentators, shareholders and employees.

This criticism is only partly justified. Orcel’s deal was a buyout of the package he would have received had he stayed with his former employer.