Orcel Cuts Santander Claim Ahead of Trial Over Job Offer Dispute
(Bloomberg) -- Andrea Orcel cut the amount he’s seeking from Banco Santander SA over a rescinded job offer, after starting a new role as chief executive officer of UniCredit SpA last month.
Orcel cut the period for which he will seek financial compensation to two years from five, according to people with knowledge of the matter. The reduction, ahead of a hearing scheduled for Wednesday, reflects the fact that he took on his new role on April 15, the people said, asking to not be named because the matter is private.
Orcel was originally asking for as much as 112 million euros ($137 million), claiming Santander upended his career with its last minute decision to rescind an offer that would have seen him run Spain’s No. 1 lender, and for which he had given up his previous job as top investment banker at UBS Group AG. Reuters earlier reported that Orcel’s new claim amounts to slightly more than 45 million euros.
Representatives for Orcel and Santander declined to comment.
The hearing at a Madrid court Wednesday, which was twice postponed, is expected to include testimony from Santander Chairman Ana Botin. Orcel, who was out of a job for more than two years, isn’t required to attend in person. The hearing may still be canceled if both sides reach a last-minute settlement.
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