Home » Exclusive-Orcel’s Santander payout cut to 51.4 million euros – Madrid court document

Exclusive-Orcel’s Santander payout cut to 51.4 million euros – Madrid court document

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© Reuters. FILE PHOTO: Italian banker Andrea Orcel and Banco Santander’s chairwoman Ana Patricia Botin attend a trial towards Santander over the financial institution’s withdrawal of a CEO job provide to Orcel, in a excessive court docket in Madrid, Spain, Might 19, 2021. REUTERS/Juan Medina

By Jesús Aguado

MADRID (Reuters) -A Madrid court docket has minimize a compensation payout awarded to banker Andrea Orcel over Santander (MC:)’s withdrawal of a CEO job provide by about 16 million euros ($18.30 million) to 51.4 million euros, a court docket doc seen by Reuters on Friday confirmed.

Orcel and Santander ended up in court docket after Spain’s largest financial institution dropped plans to make the previous UBS funding banker its CEO because of a disagreement over his pay. Orcel had already left UBS to organize for the brand new position.

The amended court docket ruling comes after each Orcel and Santander requested clarification from the decide on 35 million euros initially awarded to the Italian banker by the court docket on Dec. 10, the doc confirmed.

The court docket nor Santander nor Orcel’s authorized crew have been instantly obtainable for remark.

In December, Madrid decide Javier Sanchez Beltran mentioned Santander’s job provide letter to Orcel was a binding contract and that ruling nonetheless stands.

However within the court docket doc seen on Friday Sanchez Beltran acknowledged that there was an error within the December ruling, and that Orcel was not entitled to tax equalisation as a part of the buyout clause.

Orcel was entitled to 18.6 million with out tax equalisation utilized to the buyout clause, the decide mentioned.

“The provide letter by no means talked about tax equalisation,” Sanchez Beltran added in his written ruling.

($1 = 0.8745 euros)

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