This money man cost too much.

Banco Santander, the Spanish bank, has abruptly dropped its plans to name a top dealmaker from a Swiss rival as its next CEO — because it would cost too much to cover his back pay, the company said.

The surprise announcement comes after an unusually contentious negotiation that would have required the incoming honcho, Andrea Orcel, to reportedly wait six months before taking the reins.

Jose Antonio Alvarez, Santander’s current CEO, will remain in the position for the time being, according to the company.

Pay appears to be the central reason for the about-face.

The board at Santander nixed Orcel, a hard-charging Italian investment banker at UBS, because “the costs of compensating him for past remuneration cannot exceed those corresponding to the original understanding,” the company said.

Santander didn’t return a request for comment. UBS wasn’t immediately available for comment.