I’m sure some of you may have noticed the spate of recent senior Credit Suisse hires they’ve made.
I recognize hires aren’t enough, but with significant investment in their platform, is Santander on the up?
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Definitely a lot of potential. They're a huge bank in Europe and have a balance sheet to support significant investment banking capabilities in the US.
LOL
What's so funny?
If WF with their monster BS can't make a big splash in their own country with all the hires they've made, then Santander is gonna have trouble doing the same abroad.
Not that WF hasn't or that Santander won't, but that's my proxy.
I get what you're saying, but same time deal flow has been sucking for everyone now. This may be an unpopular take but I think WF has a lot of potential. The risk is some groups I know the line between corporate and investment banking is blurred, so they're running some people into the ground by doing both jobs. If they can straighten out those organizational quirks, they've got potential
This is literally the most basic, unoriginal opinion that is parroted 24/7 on this site.
This is so true, you must work here lol
Big footnote to WF argument is that they are very very restricted in their expansion potential following their scandal.
Also don’t think they have invested as much in IB in recent history
It’s gonna take a lot. Santander has a lot of problems ( below street base/ comp, high turnover, zero presence in the us).
Have heard they're paying the CS people street pay
Another European bank trying to muscle into IB. What could possibly go wrong?
I think everyone would now accept Santander is considered a ‘good’ or ‘relevant’ MM shop in the US now - this wasn’t true 2 years ago. So by that logic yes.
If you’re asking if they’re going to be the next BB or something there is still a lot of work to do
Congrats on Santander!
In this environment, even your Goldman or bust college students would be lucky to take an actual investment banking offer
Bump
Yes
First year analysts in Madrid make €3,000 (net) per month and some industry groups work until quite late. Associates make €4,000. Bonuses are much much lower compared to BBs. It is almost impossible to get fired, though.
Think the post is referring to the new CS hires and how they're going to be bringing Santander up in the United States
That’s worth 6 or 7k in London though. Life is ridiculously cheap in Spain (maybe Madrid less so).
Can they do some m&a deals with the people they have? Sure
Will they be able to get in financing deals given their huge balance sheet? Yes
Will they be as aggressive on terms aS others? Unlikely
Will they take lead left roles on financing? Very unlikely in the US. For EUR investment grade financing why not
Will they capture any meaningful m&a market share in the US or in Europe (ex Spain) within 5 years? Categorically not. The market is too competitive, they are starting from too far behind
Is a full time job there in this market not worth any thing? No, it’s a full time job, there will be some learning on the job and deal experience. It’s not GS or PJT busy whoever asks is unlikely to have the choice between Santander and GS.
If that’s all that is on the table, I’d take it and then be very looped in the lateral market. With the level of hiring going on now, as soon as the market starts again (2024? Noise seems to be turning) all these tier 3 shops will be emptied of their analyst and associate classes by tier 2 and tier 1.
Good rebuttal to the optimism that's there. Do you think the fact that they brought ex-CS bankers is going to change trajectory if the clients of these ex-CS MDs move their business to Santander (or is the platform bigger than the MD)? Given that they're paying street in the United States, does that provide more optimism for more of the bigger deals given that there is a balance sheet to work with?
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