October 30, 2020

Orcel hires De Carlos Remón law firm and studies suing Santander for his frustrated signing

Orcel hires De Carlos Remón law firm and studies suing Santander for his frustrated signing


MadridUpdated:

Andrea Orcel prepares to battle legal battle against Santander in case of not reaching an economic agreement for his frustrated signing as CEO of the Spanish financial group. The Italian banker has hired the law firm De Carlos Remón to study a possible lawsuit against the entity chaired by Ana Botín for cancel last January his appointment, agreed and announced in September 2018.

Santander justified its unprecedented decision to reverse the hiring of the senior executive, from the Swiss bank UBS, considering it unaffordable to compensate the 50 million euros in bonuses of UBS that would stop receiving for leaving that entity. Orcel would now claim the Spanish entity that complies with the contract signed then.

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