Andrea Orcel, the former chief executive of UBS’s investment bank, has emerged as a surprise front-runner for the chief executive role at UniCredit. But high pay demands and a lack of experience at the very top of a large European lender could count against dealmaker ’s chances, bank shareholders told Financial News. 

Orcel, a formidable investment banker who has struck major deals between banks over the past 10 years, would be a “very good addition” as chief executive of UniCredit, a top 50 shareholder told FN, but warned that his pay expectations could prove a sticking point.