Sang Tan
Putin said she saw no reason to pay 35 million euros to the investment banker he requested. Orcel never got a real contract from Santander and the salary was never approved by the board of directors.
Specifically, Friday’s hearing was before the Madrid court about whether a four-page document constitutes a tangible contract between Santander and Orcel or just a non-binding offer. Santander wanted to hire the former UBS banker two years ago, but changed his mind after announcing the change and gave Orcel a basket.
At the time, Putin cited various salary projections as the reason. Orcel initially demanded compensation of 112 million euros for the loss of salary from the Spaniards, but he reduced the amount over time. It is not uncommon for a major job dispute to be brought up publicly in court. As a rule, such jobs and job terms are negotiated behind closed doors.
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