Tribunal orders Santander to pay $ 76 million to Italian banker Andrea Orcel

A Madrid court has ordered the Spanish bank Santander to compensate Italian banker Andrea Orcel with 67.8 million euros (about 76.42 million dollars) for the withdrawal of an offer to make him its chief executive.

The court maintains that the job offer letter sent to Orcel has the value of a binding contract, therefore Santander you will have to compensate him.

The court said Orcel is entitled to receive compensation for incorporation bonuses, assumption of long-term incentives, two salary annuities and moral and reputational damages, although it did not provide the full amount, confirming a Reuters report.

It was not possible to immediately contact Santander for comment, while Orcel’s legal team declined to comment.

Orcel sued the largest Spanish bank after it will withdraw your job offer almost three years ago in a dispute over your salary package.

The case revolves around whether a four-page offer letter addressed to Orcel in September 2018 constituted a binding contract or a non-binding initial offer, as stated by the president of Santander, Ana Botín, in May.

In January 2019, Santander said the bank could not meet Orcel’s wage demands, which included covering up to 35 million euros (about $ 41 million) of a 55 million euro compensation package that he was to receive in future years from UBS, his previous employer.

Leave a Comment