A judge in Madrid has reduced Santander’s compensation to Andrea Orcel by € 16.4 million for the Bank of Spain’s attempt to hire an Italian as chief executive officer.
Friday’s amended ruling ordered Santander to pay Orsel from € 68 million to € 51.4 million, which was decided last month. The ruling also stated that Olsel would receive a total of € 18.6 million in Santander shares over a seven-year period, rather than receiving the full amount in cash, based on the bank’s standard indicators of long-term incentive plans.
Last month Madrid Court Decision It caused a long-standing dispute between Orsel, one of Europe’s most renowned investment bankers and now head of UniCredit, and Santander, a former client of UBS and Merrill Lynch, a former client. rice field.
The proceeding, filed by Olsel, focused on the decision to withdraw the offer that Santandale offered to Santander in 2018, when it ran UBS’s investment bank.
The initial ruling imposed € 10 million on Olsel for “damage to morals and reputation”, as well as € 5.8 million for two-year salaries, € 17 million contracts and € 35 million for loss of long-term incentives. I have imposed contract items including compensation. UBS.
However, both lawyers pointed out that this did not take into account the payments Orcel had already received from UBS, so the judge reduced the amount given for the loss of long-term incentives from € 35 million to € 18.6 million. Did. Financial Times. The judge’s amended judgment was first reported by Reuters.
In May last year, Orsel halved the claim from Santander, as it initially sought € 112 million.
Orcel argued that overturning the bank’s decision in September 2018 constituted a breach of contract. Santander argued in a discussion that was finally dismissed by the court that Orsel’s offer letter was not a contract under Spanish law.
“We welcome this clarification and will eventually resume the appeal process,” said Santander, but banks continue to challenge the judges’ findings.
Oruser couldn’t get any immediate comments.
Andrea Orcel’s payments from Santander reduced by € 16.4 million
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