Lynch valued the Italian bank Banca Antonveneta at $10 billion (€9 billion), advising Monte dei Paschi (MPS) to acquire it from Santander for the same amount. Internal valuations of the bank at Santander had Banca Antonveneta valued at $7.4 billion (€6.5 billion). The deal was described as ill-advised and "flawed" as MPS overpaid $2.85 billion (€2.5 billion) for its new acquisition, leaving it with capital deficiencies in 2016. In 2008, in the middle of the financial crisis, it was reported that Orcel brought in $550 million (€483 million) in advisory fees for the bank, earning him 2007 compensation of $38 million (£33 million). His bonus sparked an investigation into executive compensation by the New York Attorney General; no charges were brought forward against Orcel or Merrill Lynch. In July 2008, Orcel advised Santander on its $1.6 billion (€1.45 billion) acquisition of Alliance & Leicester, a British bank and former building society. On January 30, 2009, Santander hired Orcel once more to complete their acquisition of Sovereign Bank, in a deal valued roughly at $1.9 billion (€1.4 billion). In 2009, Orcel was asked to serve as the executive chairman of the investment bank eventually being appointed chief executive of European Card Services. In February 2011, Orcel brokered the $3.3 billion (€2.9 billion) initial public offering (IPO) of a 10% stake of VTB Bank from the Russian government with his brother Riccardo. Orcel led a team to execute a $8.5 billion (€7.5 billion) rights offering for UniCredit, at the height of the Eurozone crisis in January 2012. Recalled as the "scariest [moment] of his career", he broke through Merrill Lynch's risk limits to secure the deal, drawing wide-spread industry attention. In April 2012, Orcel was tapped by Swiss investment bank UBS CEO Sergio Ermotti to lead their sell side and UK operations. During this time, Merrill Lynch was being merged with Bank of America to create Bank of America Merrill Lynch (BAML); the deal was completed in 2013, months after Orcel left with like-minded executives. Two of Merrill Lynch's largest corporate clients, UniCredit and Santander, reportedly transferred their business to UBS, following Orcel. UBS Following the 2011 UBS rogue trader scandal and a corporate restructuring, Orcel was invited to the group executive board and appointed the co-CEO of the investment banking unit of UBS. In November 2012, he was asked to serve as the CEO of UBS AG–the main private banking unit