Banco Santander has been ordered to pay £58m to Italian banker Andrea Orcel after it withdrew its offer to make him the boss.
The Spanish lender, which owns Santander UK, was planning to make Orcel, 58, its chief executive in 2018.
Change of heart: Banco Santander, which owns Santander UK, was planning to make Orcel its chief executive in 2018
Orcel wanted the deferred pay he was giving up from leaving UBS, and Santander had expected the Swiss bank to pay at least half of it. Eventually Santander withdrew its offer, sparking a furious two-year legal battle.
Orcel secured his first major victory in the battle yesterday when a Madrid court ruled that Santander broke a contract when it decided not to hire Orcel.
Santander is planning to appeal the decision.
