A court in Madrid reduces Orcel’s compensation to 43.4 million euros

By: News Team

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A court in Madrid reduces Orcel's compensation to 43.4 million euros

A Madrid court cut the compensation awarded to Italian banker Andrea Orcel last year by €8 million to 43.4 million euros ($46.75 million) after Santander (BME:SAINT) withdrew his bid to make him CEO, a court document showed.

However, the court considered Santander’s letter with the offer to Orcel as a binding contract, according to the court document seen by Reuters on Monday.

($1 = 0.9284 euros)

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