A Madrid court has cut the amount of money Santander has to pay to Andrea Orcel by €8mn in the latest twist in the long-running battle between Spain’s biggest lender and one of Europe’s best-known bankers.
Santander will now have to pay €43.5mn to Orcel in compensation for its aborted offer for the Italian to become chief executive in 2018, after the bank appealed a judge’s initial award in January 2022.
The appeal decision, announced on Monday morning, could bring an end to the feud between the two parties.
This is a developing story.