Santander FAQ

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2 English questions out of 2

4 January 2021

How are senior leaders perceived at Santander?

Pros

Competitive base pay , good bonus structure particularly for more junior positions ; all cash bonus for most grades and typically people do get close to or at target levels in my experience. Good 401k match. There are plenty of smart and hard working colleagues as well. Work life balance is fairly good but with Covid flexibility is now the norm everywhere.

Cons

Fixing issues and resolving MRAs have been the focus for past few years and yet so much remains. Technology is terrible, a lot of money is spent but I struggle to see where it all goes. The list of manual error prone processes that should be automated or made more efficient with tech makes my head hurt. People get burned out from spending all their time fixing problems only to find more - every time you look deep into a process you will likely find something broken. Politics are everywhere in banking but this is by far worst I’ve seen. Lots of empire building and people attempting to justify salaries. Much energy that could go into making the bank better wasted on internal squabbles and finger pointing. Getting promoted is more about back room dealing and being part of the inner circle than anything else. Roles often aren’t posted or if they are it is a token posting with a candidate already selected. Bottom line - heavy (and expensive) management layer with sky high expectations and few doers to get in there and resolve problems and get stuff done. If you are a doer it’s a thankless task as you will get asked to do more with less each year. The new CEO (Tim) may be heading in right direction but much work remains to compete with the better regional banks and improve the culture and reputation of the firm.

Advice to Management

Flatten the structure. Hire more middle management and boots on the ground. Demand more from IT. Bring more meritocracy to promotions and focus on developing leaders , not just talkers in the upper levels. Get rid of senior leaders who play politics but don’t produce results

The new CEO (Tim) may be heading in right direction but much work remains to compete with the better regional banks and improve the culture and reputation of the firm.

4 January 2021

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3 April 2019

What are some insights into the strategy or vision at Santander?

Pros

Autonomy and opportunity to drive some ideas

Cons

Terrible leadership styles are still prevalent so everyone is scared to speak up No strategy and have been left behind in technological terms

Advice to Management

Walk the talk

No strategy and have been left behind in technological terms

3 April 2019

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2 English questions out of 2