Orcel Considers Starting a Boutique, Risking Millions of His UBS Pay

Andrea Orcel has spent his career leading some of the world’s biggest investment banks. Now he may strike out on his own.

Orcel is considering starting a boutique investment bank, one of a range of options that may force him to give up tens of millions in deferred pay from his former employer, UBS Group AG, according to people with knowledge of his conversations. He isn’t close to a decision, the people said, but has held informal talks with boutique investment banks and large rivals to UBS on both sides of the Atlantic, as well as Silicon Valley technology firms.