In the case of the Spanish Bank Santander, there has been a curious incident: The Bank does not substitute for your boss, because you would have to Andrea Orcel pay more money than previously thought.
Specifically, it’s about Orcels previous employer, the Swiss Bank UBS, because of the change to a six-month forced break Orcels. Orcel had now, apparently, a million is the amount of deferred salary at UBS accumulated, the part of Santander should take. In the case of a change of Manager, the new employer takes over usually, these claims.
But nothing will come of it. The cost of Orcel to poach from his previous employer, should not go beyond the originally planned amount, announced by the Spanish Bank. Now, Jose Antonio Alvarez will remain the boss of Santander, it said. This originally had to the leadership of the Spain division.