Santander 2026 Performance
Does anyone have any actual insight into how Santander is performing in 2026 and last year 2025? They’ve closed some decent M&A deals across a few coverage groups, but overall how is the bank performing given it’s now 3 years post CS integration plus bringing in a lot of senior hires from very reputable BBs and EBs?
Particularly keen on understanding how the deal flow across both coverage and product groups is compared to other tier 2/3 European BBs such as Barclays, UBS, and DB.
Current Jr at SAN -Energy and Sponsors LevFin/Structured teams are clearly platform leaders, solidly MM across the street. Energy Structured Finance is mostly legacy SAN but Sponsors/LevFin almost all ex-CS.
All other product/coverage groups are LMM or worse. Only reason why SAN looks high (10-15) for Q1 M&A league tables is cuz we credited ourselves as Advisor on Santander’s acquisition of Webster and that inflated the total volume by 30-40%, less that and we’re exactly the same spot as last Yr for M&A (30s)
That said, growth has been insane. For the IB platform in the US, Q1 ‘26 profit is the same as 2024’s revenue. That metric alone makes the build out seem worth it and there’s still plenty of runway imo. Market cap overtook UBS sometime last year for largest Eurozone bank and that gap has widened since. IB Comps at a bull case over next 3-5yrs are Barclays/UBS/DB and base is still meaningfully separated from the legacy forigen balance sheet banks (SocGen, BNP, Mizuho, HSBC, MUFG, SMBC, etc)
What about Constellation deal? Has that been counted? How's the comp? Heard of VPs getting +100% bonus in the last 2 years but wonder about analyst and asso levels.
Believe that’s a Q2 deal but the M&A take on that is a tip really, it’s a LevFin/Structured Finance deal (TLB/RCF/HoldCo financing), didn’t do that one but I’m on one of the teams that did
Comp wise ex CS Associates on LevFin were upwards of >200%, obviously that’s trying to keep them. This years was more street for jrs
What’s the difference between energy coverage and products between teams and responsibilities
Bro I have no fucking clue what our energy coverage bankers do all day. KYC? The product teams hold the pen on everything live and pitching related. Heard we’re getting a Houston group for LNG and midstream tho, all rumors ofc ofc
Blind leading the Blind
Wat structured mean here and what are the hours like? Structuring like within S&T?
Structured products like Project or Lease Financing. I assume in this case, PF is the biggest share of the group
Hey can I DM? Currently in a similar role at another foreign balance sheet bank and looking at a SAN role.
Any insight on the Webster acquisition? Curious how they combine their LMM/MM sponsors biz with you guys.
i imagine it means project financing rather than structuring/lending to products like CLOs or auto/retail credit ABS
Any insights into the new Houston team?
Strong
How so?
Would also like to know
Bump, interested to here how their a) IB in the UK and b) Markets division is doing
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