Santander London Insights

The best groups at Santander are by far LevFin and Sponsors. They have strong franchises in both areas with good deal flow and solid exits. I would also assume their Tech team is fairly capable, largely because it consists of former Moelis tech bankers, which suggests strong execution and sector knowledge.

In terms of culture, it is apparently quite nice overall, although some people feel it has worsened post-Credit Suisse hires. According to this article — https://www.efinancialcareers.co.uk/news/santander-insiders-say-credit-suisse-colleagues-spoiled-their-culture — the CS arrivals are seen to have brought in more politics and disrupted what had been a more collegiate environment. That said, it has not gone fully in the direction of somewhere like Jefferies, where seniors often keep their relationships to themselves and refuse to collaborate. While many MDs did not grow up together at the bank, there still seems to be a fair amount of cooperation.

In terms of work-life balance, I would assume it is not good in the top groups (LevFin/Sponsors/M&A), and it has definitely declined since the CS additions.

Reputation-wise, Santander is fairly well respected in LevFin and Sponsors. Outside of those areas, I assume its reputation would be fairly similar to other balance sheet-led banks like (Mizuho/MUFG/SocGen). It is better than some of the weaker balance sheet banks like (Natixis/SMBC/Credit Agricole) and the smaller US players with limited UK presence like (Stout/Cantor Fitzgerald), but worse than the more established balance sheet banks like (BNP Paribas/RBC/Deutsche Bank).

In terms of exit opportunities, LevFin and Sponsors can offer solid chances at LMM or MM PE funds, with UMM placements possible if you are lucky and have a strong deal sheet. Breaking into a MF would be difficult. For the other groups, exits are probably similar to (Mizuho/MUFG/SocGen) — think occasional roles in corp dev, credit funds, or lateral moves to other banks.

Overall, I would say Santander is a fairly good bank with a fast-growing franchise. I would not start my career there if I had offers from stronger banks, but if you are VP level or above, it could be a great place to move to.