The case revolved around whether a four-page offer letter to Andrea Orcel in September 2018 was a binding contract or a non-binding initial offer
Andrea Orcel. Picture: IFR/SIMON WAGNER/REUTERS
The court said Santander’s job offer letter to Orcel was a binding contract and Santander would have to compensate him. “It will be a blow for Santander but any reputational damage to Botin or the bank itself is expected to fade over time as the amount won't really hit a bank with such a capacity to generate billions in profit,” Enrique Quemada, CEO of Spanish investment bank ONEtoONE, told Reuters when asked to comment on the court ruling.
In January 2019, Santander said the bank could not meet Orcel’s pay demands, which included covering up to €35m of a €55m compensation package he was due to receive in future years from UBS.
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