A Spanish court has ordered Santander to pay ex-UBS banker Andrea Orcel millions of euros after it pulled back a job offer in a disagreement over his pay package.
A Madrid court is ordering Santander to pay Andrea Orcel 67.8 million euros ($76.42 million) over lost salary and moral damage caused by a retracted job offer which would have made him CEO of the Spanish bank, «Reuters» reports Friday.
The ruling can be appealed before a Madrid regional court, the report adds.
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The court found that the job offer which Orcel received in the form of a letter around three years ago constituted a binding contract: «The contract was unilaterally and arbitrarily rescinded by Banco Santander,» the outlet reports, citing the court ruling.
The Italian native, who was appointed CEO of Unicredit at the beginning of this year, previously presided over UBS' investment bank.
