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4/3/2019, 9:23 AM (Source: TeleTrader)
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Santander unveils €1.2B cost cuts in order to hit targets

Spanish banking giant Banco Santander announced on Wednesday its new cost-cutting plan of €1.2 billion, designed to help the company hit its financial targets. The bank said that it decided to implement the cuts in order to fit in with the demanding profitability aims in the environment of an ultra-loose monetary policy dictated by a dovish stance of the European Central Bank.

Santander hopes the new three-year plan will help save over €270 million in its operation in Latin America while also driving its cost-to-income ration lower to 45% from the current rate of 47%. European operations will be the ones hit most by the unveiled cost cuts.

Meanwhile, the bank also announced that it plans to invest more than €1.2 billion in its digital and technology business.

Breaking the News / VK