Santander Reconsiders Accounting Hire Accused of Fraud by Itau

Banco Santander SA is exploring whether to replace its incoming chief accounting officer as a legal case linked to the executive’s previous job winds it way through Brazil’s courts, according to people familiar with the matter.

Santander had previously said it would appoint former Itau Unibanco Holding SA Chief Financial Officer Alexsandro Broedel Lopes as its head of accounting by July. Spain’s biggest bank has now opened a new internal process to search for a new head for this function, according to the people, who asked not to be named discussing hiring decisions.

Broedel, who joined Santander as senior vice ...