Santander CIB London Thoughts

Based on the most helpful WSO content, here are some insights:

1. Santander's Hiring Drive from Credit Suisse:

   • Santander has been actively hiring dozens of Credit Suisse bankers, including entire teams, as reported by Bloomberg. This move was aimed at bolstering their capabilities and market presence.

2. Santander's M&A Team in London:

   • While specific performance metrics for Santander's M&A team in London post-hiring drive are not detailed in the context, the strategic hiring from Credit Suisse suggests a significant investment in strengthening their M&A capabilities.

3. Comparison with Other Non-BB Balance Sheet Banks:

   • HSBC: HSBC has been scaling back its US operations, which might impact its global M&A capabilities. However, it remains a strong player in Europe and Asia.
   • BNPP (BNP Paribas): BNP Paribas has a solid presence in Europe and is known for its comprehensive financial services, including M&A.
   • SOCGEN (Société Générale): Société Générale has a strong European footprint but has faced challenges in scaling its operations in the US.
   • RBC (Royal Bank of Canada): RBC has been gaining traction, especially in the US, with leaner teams and a focus on specific sectors like energy. They have been successful in attracting talent from other banks, including DB and UBS.

4. General Trends:

   • There is a trend of consolidation and strategic hiring among non-BB banks to strengthen their market positions. Santander's move to hire from Credit Suisse aligns with this trend, aiming to enhance their M&A capabilities and compete more effectively.

In summary, Santander's M&A team in London is likely benefiting from the strategic hires from Credit Suisse, positioning them competitively among other non-BB balance sheet banks. However, the exact impact and performance would require more specific data and time to fully assess.

Sources: RBC is NOT a BB. Change my Mind., PNC to acquire BBVA's U.S. Operation - A sign of things to come, RBC is NOT a BB. Change my Mind., European IBs & Commercial Banks, Accept mid-tier BB Offer or continue recruiting?