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Orcel Cuts Amount He’s Seeking From Santander Before Hearing

  • Reduction is said to reflect his new role at UniCredit
  • Santander Chairman Ana Botin is expected to testify Wednesday
Andrea Orcel
Andrea OrcelPhotographer: Simon Dawson/Bloomberg
Updated on

Andrea Orcel cut the amount he’s seeking from Banco Santander SA as their dispute over a rescinded job offer, secret tape recordings and millions in lost pay headed to a Madrid court.

Orcel cut the period for which he will seek financial compensation to two years from five, according to people with knowledge of the matter. The reduction reflects the fact that he took on a new role as chief executive officer of Italy’s UniCredit SpA on April 15, the people said, asking to not be named because the matter is private.