The current, Andrea Orcel, assured that his frustrated signing in him as well as the judicial process that preceded it was an emotional roller coaster for him. The Italian banker, who gave an interview to Bloomberg TV, acknowledged that despite what happened he greatly admires Santander “and that hasn’t changed.”
The Spanish entity announced the signing of Orcel as CEO in September 2018 and four months later, arguing that the economic cost of hiring was too high. The Italian banker sued the entity, from which he initially asked for 112 million in compensation after signing for UniCredit and receiving part of the deferred salary that UBS owed him, an entity that he left to go to Santander. The head of the Court of First Instance number 46 of Madrid finally ruled in favor of the Italian, .
Orcel assured in the interview that he will always regret how the whole process went, although he was grateful that the Spanish justice had agreed with him, and confirmed the facts “and the truth that he knew existed.” The banker added that he has already turned the page mentally, although at the time, the case led him to take refuge in kickboxing.
Santander has already paid the banker 80% (41.6 million) of the compensation with which the Justice ordered that he be compensated. The president of the financial group, Ana Botín, warned last April at the entity’s shareholders’ meeting that “the ruling has been appealed and if we are found to be right, that sum will be returned with interest.”
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