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Banco Santander SA is undergoing a significant transformation, driven by a hiring spree of former Credit Suisse investment bankers, which has propelled the bank into the US leveraged loan market. This expansion, while increasing deal flow, has also led to rising costs and internal tensions due to high compensation packages for new recruits. Despite these challenges, Santander aims to leverage its enhanced expertise to deepen client relationships and broaden its service offerings.
Santander has significantly expanded its US investment banking operations, increasing staff from 900 to about 1,300, largely through hiring former Credit Suisse bankers. The firm has focused on leveraged finance, completing 110 deals this year, and aims to enhance its market position while maintaining its culture. Despite upfront costs and a recent pretax loss in the US arm, the investment bank has become a crucial revenue contributor, accounting for nearly 14% of the group"s income.
UBS has reaffirmed its "Buy" rating for Banco Santander SA, raising the target price to €6.30, citing confidence in the bank's stable earnings and projected growth. Despite a recent share price drop, the bank's valuation remains attractive, trading at low earnings multiples compared to industry averages. Additionally, Santander plans to launch a full-service digital bank in the U.S. by 2025, aiming to enhance its market presence and support significant auto lending activity.
Ana Botin
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antander reshapes investment banking with aggressive hiring and expansion strategy
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16:29 18.11.2024
antander expands us investment banking with credit suisse talent acquisition
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06:21 18.11.2024
ubs raises target price for banco santander amid positive earnings outlook
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