Santander Plans to Recruit 150 More Employees and Broadens its US Investment Banking Operations According to Various Sources
Santander, the Spanish banking giant, has announced a series of changes to its U.S. operations, aiming to bolster its investment banking sector. The consolidation of several business units, which went into effect on Monday, will see the combination of the commercial banking business with the commercial real estate and vehicle-financing units, falling under one commercial banking department.
At the helm of Santander's M&A business is Steven Geller, the former head of global M&A at Credit Suisse. David Hermer, another former Credit Suisse banker, has been appointed as the head of Santander's U.S. corporate and investment banking business. Hermer joined Santander as part of its strategic expansion into advisory and underwriting businesses, including Special Purpose Acquisition Companies (SPACs), by recruiting dealmakers from Credit Suisse.
The consolidation follows Santander's decision to wind down its U.S. mortgage operations, a process initiated in February last year. The bank plans to hire around 150 bankers for its U.S. investment banking operation, with around 60 of these new hires set to become managing directors.
During a press briefing, Santander CEO Hector Grisi stated that the bank aims to strengthen its investment banking operations in the U.S., but not to compete with the nation's largest banks. The town hall where these plans were announced was held last week, although the bank did not respond to a request for comment from a website.
Notably, Joe Abruzzo, the head of commercial banking, was laid off as part of the reorganization. The hires for the investment banking unit are expected to be completed over the next year or so.
This strategic move by Santander is part of a broader trend of banks strengthening their investment banking capabilities in the U.S. market. As the bank continues to grow and evolve, it will be interesting to see how these changes impact its performance and standing in the competitive banking landscape.
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