SPAIN SANTANDER. Credit: Bloomberg Finance LP Santander to Pay Andrea Orcel €43.4M Following Withdrawn CEO Offer, Spanish Court Rules
A Madrid court upheld the claim made by the spurned banker, whose contract to run the Spanish bank was rescinded before he started the role. But the compensation granted fell far short of the amount claimed.
February 10, 2023 at 06:10 AM
3 minute read
Italian banker Andrea Orcel's claim against Banco Santander was upheld by a Madrid court but his compensation was reduced by €8 million.
In the ongoing dispute over a withdrawn offer to make Orcel the Spanish bank's chief executive in 2019, the Civil Provincial Court of Madrid ruled that the bank's 2018 offer letter to Orcel was a contract and set his compensation to €43.4 million, down from the €51.4 million previously ordered by a lower court in January 2022 and appealed by Santander.
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