Exclusive-Madrid court reduces to 51.4 million euros compensation awarded to Orcel by Santander - court document


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MADRID - A Madrid court reduced by roughly 16 million euros to 51.4 million euros the compensation awarded to Andrea Orcel last month after Santander withdrew an offer to make the Italian banker its CEO.

The amended court ruling comes after both Orcel and Santander requested clarification from the judge on the 35 million euros of the buyout clause initially awarded to the Italian banker by the court on Dec. 10, a court document obtained by on Friday showed.

(Reporting by Jesús Aguado; editing Aislinn Laing)

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