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Investment Banking

Santander and UBS chairs to appear in court in Orcel suit

Orcel is suing the bank for upwards of €100m, claiming breach of contract after Santander withdrew its offer to make him CEO

Andrea Orcel, the former UBS banker who was due to become CEO of Santander until it pulled the appointment in January 2019, has failed to reach a settlement with his would-be employer and the dispute between the two will now go to court.

Lawyers for both parties told a Madrid court on 14 September they did not want a settlement, a spokesman for the Spanish bank confirmed. The news was first reported by Reuters.

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