As the Italian dealmaker heads into court with Santander over a botched job offer, he is reportedly seeking far less than he originally was – because he has landed another CEO job.
On Wednesday, Andrea Orcel is poised to attend a court hearing in Madrid over his claims on Spanish bank Santander, which first in 2018 hired him as its next CEO only to renege on the offer several months later. The veteran dealmaker-turned-CEO is now seeking far less – namely 45 million euros ($55 million), instead of roughly 112 million euros, «Reuters» reported on Tuesday.
Orcel, who ran UBS' investment bank for six years, isn't backing down, but he is dropping the part of his claim demanding Santander make good on the job offer. In fact, he couldn't take the job if Santander overseer Ana Botin had a change of heart and offered it to him.
«Leave, Lose»
That is because Orcel is now CEO of Unicredit, where is is tapping at least three ex-UBS associates for a turnaround of the Italian lender. Besides Orcel and Botin (pictured below), UBS' Chairman Axel Weber – who has taken a «leave, lose» stance on pay – is also scheduled to testify.
The showdown is one of the most remarkable episodes in European banking: Orcel long advised Santander and maintained close ties with Botin's father and predecessor, Emilio Botin. Both sides have hunkered down for a fight – though an out-of-court settlement would appear to be the most elegant solution for all involved.
The court's decision is expected in coming weeks or possibly months, according to «Bloomberg» (behind paywall). It can also be appealed.
