Santander’s Orcel offensive is double-edged sword CGAThompson
Spain's Santander on July 26 accused banker Andrea Orcel of"dubious ethical and moral behaviour" in a statement defending itself against a 100 million euro lawsuit brought by the Italian after the lender withdrew an offer to make him chief executive.
Former UBS banker Orcel filed a lawsuit in Madrid claiming breach of contract after Santander offered him the role in but then changed its mind in January, saying it could not meet his pay demands. The Spanish bank said the letter that it had sent Orcel offering him the job was not a contract as required by Spanish law.
Santander said it had learned through Orcel's lawsuit that he started in January to record private conversations, without the other party's knowledge or consent and said this was “a practice of dubious ethical and moral behavior for someone who was potentially to become Santander's CEO”.
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