Santander in 2025??
heard they're on the rise?? but been seeing a lot of negatives on here about the firm, anyone have any positives?
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Their sponsors/levfin in LA/NYC shouldn't be too bad. I'd say they are below DB/Jefferies/RBC and above other balance sheet banks that have less than 10 lead left deals per year. No idea for other coverage groups.
Who are they better than with your definition? Mizuho? Nomura? Credit Agricole?
I think that their LevFin/Sponsors is strong mainly cuz most of the bankers in those groups are ex-CS. They are investing heavily in their US CIB business tho.
Investing in many part of their business particularly within CIB - very high growth in the markets sector as well. Historically has done well in the more macro things like FX and EM credit - now expanding in structured products after acquisitions. With a bunch of high ranking CS people coming in they have really started to do things the right way. For context this head I talked to said they had over 50% growth in many parts of their business simply do to restructuring of their business model. The pay is good too - matches street. Seems understaffed and a lot of growth potential.
Not to sure with the IB part of the business - heard they doubled revenues from 2023 to 2024. Stronger out in the west coast but I am sure they will continue to grow elsewhere
Was at Santander’s London Spring Week and it really seems like they’re in aggressive growth mode. Almost all of the MDs I met had joined in the last two years, and the majority weren’t from Credit Suisse. They’re hiring from a mix of elite boutiques and bulge brackets, not just pulling from the usual pool.
Quite a few of the juniors were laterals from better banks, including some bulge brackets. They’ve also brought in whole teams, including what looked like Moelis’s London tech team and a group from Nomura, which suggests they’re trying to expand beyond their traditional levfin and sponsors core.
And that’s just the London office. Given their focus on growing in the US, I’d imagine the hiring over there is even more aggressive. If things go right for them, I wouldn’t be surprised to see them get fairly close to UMM territory over the next five to ten years.
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