Santander prepares $250mn expansion of investment bank

Santander has set aside $250mn to turbocharge the expansion of its corporate and investment bank over the next two years, as rivals on Wall Street prepare for some of the biggest job cuts since the financial crisis. The Spanish lender, which is not an investment banking heavyweight, has hired more than 100 mostly US-based bankers this year, with about half coming from Credit Suisse, which was rescued by its rival UBS in March.

“It’s mostly a corporate bank and we are now adding the fee business, focusing on areas where we are strong like renewables and infrastructure.” She added: “We already provide financing, but if we want to deepen client relationships, we need to give them access to dollar markets, strategic advice, access to capital markets and structured transactions.” The bank has also been growing other parts of its global business, including in wealth management and payments.

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