June 17, 2021

Andrea Orcel reduces by 36 million the compensation he claims from Santander for his frustrated signing


Madrid

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On the eve of the judgment, Andrea Orcel has lowered the compensation claimed by the Santander Bank for his frustrated signing as CEO of 36 million euros, as confirmed by financial sources. At first he requested 112 million for not having completed his entry into office as number 2 of the entity and now
after being recently appointed CEO of UniCredit
, his claims have been reduced to 76 million.

The total amount that
the banker claims
It is broken down as follows: 17 million euros for the transfer bonus; another 10 million for two years of salary that he would have received at Santander; another 29 million for the loss of the rights acquired from when he was at UBS; and another 10 million for reputational damage.

Tomorrow they will see the faces in Madrid, in the courts of Plaza Castilla, both Orcel and the president of Santander, Ana Botín. It is the financial judgment of the year that aims to end a two-year journey in court.

The case dates back to 2018, when Santander announced the theoretical incorporation of Orcel as CEO. Months later, in January 2019,
the bank chose not to go ahead with the hiring
due to the high level of his signing compared to what was originally planned. Then, the Italian banker filed a lawsuit against the entity.

In said lawsuit, Orcel demanded two solutions to his situation, since he understands that the transfer was consummated, while the bank estimates that what there was was only a letter-offer and not a binding contract as such. The solutions were a compensation of 112 million euros or his incorporation to the bank with his position, a possibility, the latter, which vanishes after having signed with UniCredit.

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