A Madrid court has ordered Spanish bank Santander to indemnify Italian banker Andrea Orcel 67.8 million euros (US $ 76.5 million) for withdrawing a bid to make him its chief executive.
The court maintains that the job offer letter sent to Orcel has the value of a binding contract, so Santander will have to compensate him.
The court said Orcel is entitled to receive compensation for incorporation bonuses, assumption of long-term incentives, two salary annuities and moral and reputational damages, although it did not provide the full amount, confirming a Reuters report.
Santander could not be immediately reached for comment, while Orcel’s legal team declined to comment.
Orcel sued the largest Spanish bank after it withdrew his job offer almost three years ago in a dispute over his salary package.
The case revolves around whether a four-page offer letter addressed to Orcel in September 2018 constituted a binding contract or a non-binding initial offer, as stated by Santander president Ana BotÃn in May.
In January 2019, Santander said the bank could not meet Orcel’s salary demands, which included covering up to 35 million euros (US $ 41 million) of a 55 million euro compensation package that it was due to receive in future years. from UBS, your previous employer.
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