In Madrid on January 31, Reuters reported that Christiana Riley will take over as CEO of Santander in the United States, succeeding Tim Wennes, as part of a broader global restructuring effort by the bank's executive chair, Ana Botin.
As a part of the restructuring, Santander plans to eliminate the three regional divisions established in 2019 in Europe, North America, and South America. The bank is moving forward with the implementation of its new strategy to simplify its operations.
In 2023, Santander, the largest lender in the euro zone by market value, introduced retail, consumer, payments, wealth, and corporate and investment banking units to streamline operations and increase its value. Since Botin assumed the role in September 2014, Santander's shares have declined by approximately 25%.
Botin expressed confidence in Christiana's leadership, stating on Instagram, "Christiana will become CEO of Santander US and I am confident she is well-placed to lead the next phase of growth in this critical market."
The restructuring coincides with Santander's expansion in the U.S. and a review of its operations in the UK. The bank aims to enhance its technology platform in the U.S., focusing on digital-only banking, consumer finance, and boosting its retail business in the country.
Santander recently launched a U.S. digital bank offering high-yield savings accounts, with plans to develop a full-service digital bank in the U.S. by 2023, an important step given the challenges faced by Santander's U.S. operations.
Furthermore, Botin announced changes at Banco Santander Chile on Instagram, appointing Andres Trautmann as the new country head and CEO. As part of a broader reshuffle, Santander highlighted that the CEOs of its core markets will now report directly to the group's CEO, Hector Grisi, according to an internal memo seen by Reuters.