Santander ordered to pay Orcel $76 million over withdrawn job provide By Reuters

© Reuters. FILE PHOTO: Italian banker Andrea Orcel attends a trial towards Santander over the financial institution’s withdrawal of a CEO job provide to him, in a excessive court docket in Madrid, Spain, Might 19, 2021. REUTERS/Juan Medina

By Jesús Aguado and Emma Pinedo

MADRID (Reuters) – A Madrid court docket has ordered Santander (MC:) to pay Italian banker Andrea Orcel 67.8 million euros ($76.42 million) over a withdrawn provide to make him CEO.

The court docket mentioned the job provide letter to Orcel was a binding contract and Santander must pay him the compensation.

Information web site Vozpopuli earlier reported Orcel can be entitled to say 68 million euros ($76.70 million).

The court docket mentioned that Orcel was entitled to obtain compensation for a sign-in bonus, a buyout clause, two years wage and ethical injury however couldn’t give the entire quantity, confirming a Reuters report.

Santander was not instantly obtainable for a remark, whereas Orcel’s authorized crew declined to remark.

Orcel sued Spain’s largest financial institution after it withdrew the job provide nearly three years in the past in a dispute over his pay package deal.

The case revolves round whether or not a four-page provide letter to Orcel in September 2018 was a binding contract or a non-binding preliminary provide, as Santander Chairman Ana Botin asserted within the first session of the Madrid court docket listening to in Might.

In January 2019, Santander mentioned the financial institution couldn’t meet Orcel’s pay calls for, which included protecting as much as 35 million euros ($41 million) of a 55 million euros compensation package deal he was as a consequence of obtain in future years from UBS.

($1 = 0.8866 euros)

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