Banco Santander must pay a compensation of 68 million euros to Andrea Orcel, current CEO of Unicredit (of which just yesterday illustrated the new business plan). This was established by the Court of Madrid, judging the behavior of the Spanish Bank, which it had, to be illicit proposed the CEO chair to the Italian manager and then withdrew the offer. According to the judge, the agreement between the parties must be considered as a valid contract, which the institution has decided not to respect by acting in a "unilateral and unjustified" manner.
The compensation includes 17 million as a signing bonus, 35 million to cover long-term incentives, 5,8 million for two years of the target remuneration and 10 million for moral and reputational damages. The figure established by the court is however lower than that requested by Orcel (76 million), who complains that he has also lost several million dollars relating to the compensation that - in the absence of Santander's proposal - he would have received from Ubs, his previous employer.
The reply of the Spanish banking giant was not long in coming: "We strongly disagree with the ruling – said a spokesman for the Iberian institute – The board of Santander is confident that we will succeed on appeal, as already happened for the two criminal complaints already examined by the judges in relation to this affair".
