Andrea Orcel’s salary from Santander was cut by € 16.4m

A Madrid judge has reduced the € 16.4m compensation package Santander will give to Andrea Orcel in a bid to test the Spanish central bank.

An amended ruling on Friday ordered Santander to pay Orcel € 51.4m, down from € 68m estimated last month. The ruling further states that instead of receiving a full refund, Orcel will receive € 18.6m in all Santander shares over seven years depending on the bank’s long-term plans.

Last month verdict in a Madrid court brought about a long-running dispute between Orcel, one of Europe’s best-known banks and now the head of UniCredit, and Spanish lender Santander, his former client while working for UBS and Merrill Lynch.

Brought to by Orcel, the lawsuit only focused on Santander’s idea to cancel what he gave him in 2018 while running a UBS bank.

The original decision awarded € 10m for “damage to morals and reputation” at Orcel, as well as contract assets including € 5.8m for two years’ pay, € 17m without signing a bonus and € 35m in compensation for long-term loss of incentives. UBS.

But lawyers from both sides said that this did not take into account Orcel’s already received money from UBS and that the judge reduced the amount he was owed for losing long-term bail from € 35m to € 18.6m, according to court documents seen by the Financial Times. The judge’s amended decision was first reported by Reuters.

Last May, Orcel halved his request to pay him from Santander, after claiming € 112m.

Orcel said the bank’s refund of the decision made in September 2018 was a breach of contract. In a dispute that the court rejected, Santander argued that Orcel’s letter did not match Spanish law.

“We have received this and will resume our appeal within a reasonable time,” Santander said but the bank continues to challenge the judge’s findings.

Orcel was not immediately available for comment.

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