Santander to keep hiring staff in U.S. to expand corporate banking
MADRID, Jan 31 (Reuters) - Spain's Santander will continue hiring additional staff in the United States as part of its strategy to keep growing its corporate banking business in this market, the bank's Chief Executive Officer Hector Grisi said on Wednesday.
The Spanish bank has been hiring staff from the ailing Credit Suisse as part of such efforts. Reuters reported in July that Santander was planning to hire around 150 bankers primarily in the U.S.
"When we reach the limit, we will continue to hire a little bit (more), especially junior bankers, (then) we will reach 200 bankers," Grisi told a news conference after Santander reported a record 2023 net profit of over 11 billion euros.
The lender is trying to double its investment banking business in the United States, where its affiliate, including its consumer unit, has been hit by loan losses and higher funding costs.
Net profit in this market fell 77% year-on-year in the fourth quarter due to an increase of around 30% in provisions in the same period and higher costs to scale up business there. (Reporting by Jesús Aguado; additional reporting by Emma Pinedo; editing by Andrei Khalip)
