MILAN (Reuters Breakingviews) - PRICE OF TALENT. Having picked a dealmaker for its next chief executive, UniCredit is embracing the investment banking pay culture. Andrea Orcel will receive shares worth up to 5 million euros for joining Italy’s second largest lender next month. The handout is twice Orcel’s 2.5 million euro annual salary, and cannot be clawed back or adjusted if the former head of UBS’ investment bank disappoints. Compare that with the restraint of former head Jean Pierre Mustier: he cut the CEO’s fixed salary by 40% to 1.2 million euros, and waived annual bonuses and any severance pay. Proxy advisors ISS and Glass Lewis recommended on Tuesday investors reject the bank’s remuneration policy. UniCredit’s generosity certainly looks out of line with the pain shareholders have suffered during the pandemic. Still, Orcel is a tough negotiator: he is still suing Banco Santander for 112 million euros after it cancelled his appointment as CEO. And UniCredit is desperate: after Mustier’s departure, it needs a credible new boss. Investors are unlikely to rock the boat. (By Lisa Jucca)