Swiss investment banking giant, UBS has agreed to pay former Banco Santander executive, Andrea Orcel a total sum of 52 million euros.
The sum is his annual bonus at Santander.
Andrea Orcel was supposed to join UBS but was blocked by his agreement that he cannot join a competitor.
UBS has now agreed to pay him the sum for the next seven years.
According to a report by El Confidencial, Orcel says in his letter of more than 200 pages that Santander knew the cost of his signing before announcing it on September 25, 2018. The Cantabrian bank promised to pay up to 35 of the 52 million as compensation, plus a premium tab of 17 million and an annual salary of 10 million, the same as that of CEO José Antonio Álvarez.
The Italian banker would point directly in his demand to the role of President Ana Botín during the entire negotiation process.