Santander (existing vs CS)
Any thoughts on Santander existing vs CS joiners (liquidity IG story)?
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CS folks are much higher quality, and deserve the excess pay. If you want street pay dont work at Santander…get a BB or EB role
Correct, probably a big gap between CS talent and existing talent
You could argue this at an associate level sure - but if you’re telling me 2 kids both from stern are being paid differently on the same team just because one did 2 months at another firm that makes no sense to me.
Also would wait out for someone to reconfirm this though before getting too worked up. Ridiculous and inexcusable if true though (at A1/A2 level at least)
It’s worse than that apparently
They brought in a bunch of interns of last year, into this year analyst class
These kids didn’t do any time at CS, not even training and they are on different bases
It’s a ridiculous situation
Bump
500k guarantees for associates is pretty nice in this bad m&a environment.
Can anyone confirm if this is true?
x for doubt
Hm likely over the course of a few years?
I don't think this is true at all.
If it is, it's $150k base and 350k "bonus" lol
Don’t work there but know people there
true about the analyst numbers, associates no one knows
But apparently everyone is mad including the bosses because they are bringing a lot of people with high guarantees when there was no need to pay so much in such a job market
Yeah given the position CS was in I don’t understand why they’d need to put in anything more than they were originally offering. I suppose it’s so they stick around when the market picks up but still idk.
Does this also apply to those who only interned at CS? Are you sure about it?
Bump
Interned at CS and received an offer from Santander — when I asked about the base the recruiter told me it matched street for BB because they knew no one would want to lateral otherwise for a lower pay.
Do you currently work there now?
Classmate of mine from college went from CS over to Santander. She told me that the groups that went over were 3/4 of the top teams at CS (Sponsors, Lev Fin, etc.) Many of whom had options to follow other seniors from CA elsewhere (BB or EB) so Santander matched for analysts or offered more for asso and up to build out the teams seniors needed rather than lose those teams to departing CS seniors going to other firms.
My guess is Santander bumps analyst pay across bank for next year to match the street. Really no other choice. (But then again who knows)
Bump
So many seething Santander boys in here lol
Yeah the insecurities will run deep when there's a big shift in the organization like this
There was basically no Santander banking presence though before CS... so you can't even say "many" and the ones that were around before were pretty low quality in general and some came from other countries
That's why I don't believe that litquidity post, no one who worked on the Santander side pre-CS probably even knows about the page let alone uses instagram + posted shared it to him lol.
I'm guessing CS bosses are telling their people "wow you guys have it so good, those current guys get paid nothing, don't complain"
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