Santander reorganises structure to streamline operations
Santander chief executive Hector Grisi has instigated a significant reorganisation of the Spanish bank’s structure in an attempt to achieve greater operational efficiency and meet profit targets.
Santander to operate under five core segments
The move is set to merge the bank’s retail and commercial businesses into one global unit led by former chief transformation officer Daniel Barriuso, while also creating a digital consumer banking business led by Jose Luis de Mora.
Following the reorganisation, all of the bank’s activities – retail, commercial or otherwise – will be delivered under five core global businesses. The two newly formed businesses will sit alongside the bank’s payments arm, its corporate and investment banking arm and its wealth management and insurance arm, with the latter two already functioning as global businesses.
Under this structure, the overall business operating model will be defined by the bank’s global heads, while business management will fall under the remit of the heads of the country in which the business operates. Further down the line, regional heads will be tasked with implementing the model across their respective markets.
Speaking on the restructuring, Santander’s executive chair, Ana Botín, says the bank is “confident this is the right thing for our customers and will allow us to progress faster”, and that the combination of global scale and local leadership “allows us to serve customers better, while delivering profitable growth”.
