Investment Banking

Andrea Orcel wins $76m payout from Santander over axed CEO posting

Court rules in favour of veteran dealmaker after Santander cancelled his CEO offer

A Madrid court has ordered Santander to pay Orcel 67.8m ($76.6m) plus interest
A Madrid court has ordered Santander to pay Orcel 67.8m ($76.6m) plus interest Photo: Getty Images

Banco Santander has been ordered to pay more than $76m in compensation to Andrea Orcel, the high-profile investment banker whose appointment as chief executive it cancelled in 2019.

A Madrid court ruled on 10 December that the contract offered to Orcel, the current boss of Italy's UniCredit, is valid and that it was terminated "unilaterally and without justification" by Santander.

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