Former UBS Investment Bank Chief, to launch lawsuit against Barco Santander

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Former UBS Investent Bank Chief, Andrea Orcel is planning to file a lawsuit against Banco Santander after the Spanish bank withdrew its offer to hire him as CEO. According to the lawsuit, Orcel is asking for damages of over €100 million. Santander initially appointed Orcel as its new CEO in September 2018, but shortly backtracked on its decision after the company’s board determined that the cost for reimbursing Orcel for the bonuses earned in its previous role at UBS would have been over €50 million.

The Financial Times,David Crow, July 3rd 2019