--The former head of UBS's investment bank, Andrea Orcel, plans to take legal action against Santander after the bank retracted its offer to make him chief executive, the Financial Times reports, citing unnamed sources.

--A breach of contract case is likely to be brought, the FT says, with Mr. Orcel thinking he has a strong claim after receiving a contractual letter from the Spanish lender in which it agreed to a sign-on package worth around EUR50 million.

Full story: https://on.ft.com/2FXc3LP

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(END) Dow Jones Newswires

January 29, 2019 10:38 ET (15:38 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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