A Spanish judge ruled that Banco Santander SA must pay Andrea Orcel more than $75 million for reneging on a promise to name him chief executive, in the latest twist in a fight between two of Europe’s most powerful bankers.
The dispute began in 2019 after Banco Santander Executive Chairman Ana Botín withdrew an offer to hire Mr. Orcel as Santander’s CEO. She said the bank couldn’t justify his €50 million-plus price tag, equivalent to $57 million at the time, which included compensation for shares he would leave behind at his then employer, UBS Group AG.
