Andrea Orcel has sharply reduced his claims against Banco Santander in relation to the Spanish bank’s decision to withdraw his proposed appointment as chief executive.
The banker, now chief executive of Italian bank UniCredit, is seeking roughly €76m down from around €112m originally, a person familiar with the matter said.
Banco Santander chose Orcel as CEO in September 2018 but in January 2019 decided to cancel the appointment over his compensation. Orcel alleges that the bank broke a contract it had offered him, while Santander says that under Spanish law his offer letter wasn’t a contract and that a contract was never completed or fulfilled.
“This has always been about integrity and ensuring that the truth was put on the record,” Orcel said on 19 May in Madrid, where a court was hearing the case. A decision could take weeks or months.
Orcel’s claims include roughly €10m for reputational damages and around €20m for two years of pay at Santander. He was previously seeking compensation for five years of pay.
UniCredit and a representative for Orcel declined to comment.
Write to Pietro Lombardi at [email protected]
This article was published by Dow Jones Newswires