Some Santander insiders say Credit Suisse colleagues spoiled their culture
Ex-Credit Suisse people have turned up in a lot of places since their house burned down, but Santander has rescued more than most. By our reckoning, the Spanish bank added over Credit Suisse bankers last year. Most, but not are all, were ex-Credit Suisse managing directors in the US. Many were CS veterans, who spent tens of years at the firm. They included David Miller, the former head of Credit Suisse's investment bank, who joined in the US last November.
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One year on, there are signs that all might not be well between the Santander incumbents and their new colleagues, particularly in Europe. There have been exits. There is said to be bonus apprehension. There are complaints about the demeanour of the people who once worked for Credit Suisse, and their different approach.
“I wish I could say that they had a sense of humility given that their bank failed,” says one Santander MD of his ex-Credit Suisse colleagues. “Instead, they have arrived in a culture that was very collaborative and they're acting like sharks. They think about their own success before the firm and focused on sales before product. It was never like this previously at Santander.”
The grumbling might be attributed to a lone legacy European MD, but there are other whingers too. “My salary is below the new people’s,” says one legacy London executive director. “They are trying to close the gap, but it’s not immediate.” Analysts are allegedly unhappy with the last bonus round. There are fears of job cuts.
Santander declined to comment on the claims. They follow a Bloomberg story on the bank's hiring spree, which it said has "turbocharged" Santander's investment bank and driven its revenues to 14% of the group's top line total, from less than 10% five years ago. By mid-November, Dealogic said Santander ranked 15th for US investment banking revenues, up from 17th in 2023 and 18th for 2021 and 2022.
However, as revenues have grown there have also been exits. These appear most numerous in Europe, where Frederic Hauteville, the head of France and Benelux, recently left after 15 years. So too did Javier Sobrini, the global head of the power group, who left after 33 years, and Alberto Aguilar Cardenas, who left after 20 years for Natixis. Last month, Bloomberg reported that Louis L’Heureux co-head of the levfin team in Europe had left too.
Integrating two cultures is never easy, as Nomura's London bankers will testify about their experience in the aftermath of acquiring Lehman Brothers. Santander was special because "it had a lot of pride" and a very Spanish culture, says the disgruntled MD. "In Spain, Santander is the top bank and people work there for years. It's a like a big family. But the new Credit Suisse people have no pride in Santander and seem to feel that they're better than the existing staff," he tells us.
There are signs that in Europe, at least, the bank may be flagging. Dealogic says Santander ranked 36th for European investment banking revenues in the year to November, down from 27th in 2023 and 33rd in 2022. "Everything's been centralised in the US," says one banker.
Not everyone is unhappy, though. Another mid-ranking European banker told us it's still a growth "story." The Credit Suisse people have integrated well, she added.
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