Andrea Orcel's plan to take the top job at Santander famously collapsed. He is now reportedly weighing his legal options against the Spanish bank.
It was $50 million too rich for Santander: that is the sum that the Spanish bank reportedly would have had to pony up to make good on shares and instruments that UBS banker Andrea Orcel would have to abandon for leaving the Swiss bank.
The deal collapsed when Orcel and Santander failed to find an agreement about how to handle the vested pay from UBS, as finews.asia reported. The European dealmaker is now out of a job at both Santander and UBS, where last week CEO Sergio Ermotti made clear Orcel won't be returning to the Swiss fold.
Good Legal Prospects?
Orcel wants to fight back by suing Santander for breach of contract, the «Financial Times» (behind paywall) reported on Tuesday citing anonymous sources. He had already spoken to various lawyers in Spain in order to do so.
The 55-year-old views his chances in court favorably, since he and Santander inked a contract ensuring he would be «made whole» on the UBS instruments he would relinquish following the move. Meanwhile, Santander Chairman Ana Botín is set to face uncomfortable questions on Wednesday when the bank presents its full-year results.
