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.
Santander's UK operations are facing increasing challenges, highlighted by recent job cuts and a costly review of its car finance division. The bank, which became a prominent name in the UK after acquiring Abbey National in 2004, is now prioritizing other markets amid ongoing frustrations with its British business.
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