Santander’s Andrea Orcel story doesn’t add up CGAThompson
Banco Santander last year agreed to pay Andrea Orcel up to 35 million euros to compensate him for deferred compensation from UBS Group he would forfeit by joining the Spanish bank as chief executive, according to an offer letter, a copy of which has been seen by Reuters Breakingviews.
The proposed compensation was part of an offer which included a “sign-on bonus” of 17 million euros in cash and target compensation of 10 million euros a year.
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