Skip to content

Banco Santander to Pay Banker Andrea Orcel €68 Million in Compensation Ruling

  • Banco Santander broke contract by rescinding job offer: court
  • Orcel is now leading Italy’s UniCredit through strategy revamp
Andrea Orcel
Andrea OrcelSource: Bloomberg
Updated on

Banco Santander SA was told by a Spanish court it must compensate Andrea Orcel 68 million euros ($77 million) for withdrawing an offer to become its chief executive officer, after a case that’s pitted two of Europe’s best-known bankers against each other. 

According to the ruling, Santander’s offer to Orcel, who is now the CEO of UniCredit SpA, was a valid contract and as such the bank broke it when it decided not to go ahead with the appointment in Jan. 2019. Santander said it plans to appeal the decision and is confident it will succeed.