Banco Santander is preparing for this reorganize its hierarchical structure as CEO Héctor Grisi seeks to simplify the company’s operations.
As part of the changes Santander is combining each country’s personal and commercial banking operations into a new global entity said people familiar with the matter.
The new management structure creates five units: global commercial and retail banking, consumer finance, payments, wealth and insurance, and corporate and investment banking said the people, who asked not to be named due to non-public information.
A representative for the Madrid-based company declined to comment.
Last year, Santander named Grisi, who had been leading the Mexico business, as the company’s chief executive, a position he took up in early 2023. A series of hires and management changes followed, including the departure of Antonio Simoes, who had until then been head of Europe and was considered a possible CEO candidate. In April, the bank hired longtime Deutsche Bank AG executive Christiana Riley to head its North America and Mexico operations, effective Oct. 1.
Santander took a regional approach to managing its business in 2019 and launched the “One Santander” strategy a year later. which President Ana Botín usually refers to. The aim of this strategy is to increase connectivity, according to the company’s website.
With operations from Spain to the United Kingdom, Brazil and the United States, Banco Santander is one of the largest retail banks in the world. The company employs around 212,000 people and has a market capitalization of 55.7 billion euros (US$59.5 billion). Botín has been the lender’s CEO since his father’s death in 2014.