Home » Orcel wins on appeal with Santander. The bank owes him 43.5 million

Orcel wins on appeal with Santander. The bank owes him 43.5 million

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Orcel wins on appeal with Santander.  The bank owes him 43.5 million

The CEO of Unicredit Andrea Orcel

Santander will have to compensate Orcel with 43.5 million

Andrea Orcel will have to be compensated by Banco Santander. The court of Madrid awards the banker compensation from 43.5 million also in the second trial. This is a lower figure than the first because the moral damages have been quantified in 2 (and not 10) million. The news was reported by Reuters. Four years ago, the Spanish bank had offered a Orcel the role of ceo, only to withdraw shortly before signing. According to the manager it was a binding contract, while for the bank’s board of directors, chaired by Ana Botin, it was just a normal working dialectic. The Iberian court agreed with the CEO of Unicredit, but Santander has already announced that it will appeal to the Supreme Court of Spain.

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