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.
Banco Santander SA is set to cut 1,425 jobs in the UK as part of its initiative to simplify and automate processes, according to CEO Hector Grisi. He indicated that further job reductions could occur, depending on the staffing needs for customer relations and other areas.
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