UBS investment banking president Andrea Orcel will no longer take on the role of CEO at Santander due to compensation concerns.
Andrea Orcel will join Santander as CEO in early 2019, as UBS names Piero Novelli and Robert Karofsky co-presidents of the investment bank.
Morgan Stanley has reportedly followed Goldman Sachs and Santander in leaving the R3 blockchain venture.
Santander joined R3 in 2015 but has now followed Goldman Sachs in leaving the venture.
Deutsche Bank and Santander were the only banks to fail for a second year in a row.