In November 2008, Orcel's team at Merrill 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, however, 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 an annual bonus of $33 to $34 million (€29 million). His bonus sparked an investigation into executive compensation by the New York Attorney General; however, no charges were brought forward against Orcel or Merrill Lynch. In July 2008, Orcel rejoined Santander to advise it in 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). His relationship with Santander's executive chairman, Emilio Botín, was reported as being particularly close during this time; Botín sent handwritten thank you notes to Orcel after each deal. Orcel, in turn, felt "emotionally attached" to the bank and the Botín family. 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. Within days of the announcement, Orcel reportedly began a "smash and grab" of Merrill executives, recruiting them for UBS. 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.