Spain's Santander overhauls Asia-Pacific business, FT reports
Major Changes in Santander's Asia-Pacific Operations
Management Restructuring and Oversight Enhancements
July 8 (Reuters) - Spain's Santander has overhauled its Asia-Pacific business under a new management, removed its top banker in Beijing and tightened employee oversight in the region, the Financial Times reported on Wednesday, citing people familiar with the matter.
Early Retirement Offers in Spain
Santander in June began talks with unions to offer early voluntary retirement to up to 3,000 employees in Spain, according to Spanish newspaper Expansion, as banks across Europe brace for the impact of AI.
Refocusing Corporate and Investment Banking
The bank has revamped its corporate and investment bank in the region, dismissed the Beijing branch manager and is shifting the unit's focus towards markets in Japan, South Korea and Southeast Asia, the FT reported.
Cost-Cutting Initiatives
Senior leaders in the division have also embarked on a cost-cutting drive in recent months, scrapping employee perks, the newspaper said.
Increased Employee Monitoring
Bankers in the region are being monitored closely by management and are now required to submit weekly reports detailing their work and client meetings, according to the FT.
Reactions and Reporting
Reuters could not verify the report. Santander declined to comment.
(Reporting by Chandni Shah in Bengaluru; Editing by Mrigank Dhaniwala and Joyjeet Das)