Italian banker Andrea Orcel’s claim against Banco Santander was upheld by a Madrid court but his compensation was reduced by €8 million.
In the ongoing dispute over a withdrawn offer to make Orcel the Spanish bank’s chief executive in 2019, the Civil Provincial Court of Madrid ruled that the bank’s 2018 offer letter to Orcel was a contract and set his compensation to €43.4 million, down from the €51.4 million previously ordered by a lower court in January 2022 and appealed by Santander.
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