Santander appoints new Chief Executive Officer for its US division
Santander Shakes Up Leadership and Global Structure
Santander, the Spanish banking giant, has announced a significant shake-up in its leadership and global structure. Christiana Riley, previously CEO of the Americas at Deutsche Bank, has been named as the next chief executive of Santander's U.S. bank.
Riley, who joined Santander in October 2023 as the regional head of North America, expressed her excitement about leading Santander US into a new phase of growth. She succeeds Tim Wennes, who has decided to pursue other opportunities. Wennes' tenure was marked by transforming Santander US and laying the foundations for continued growth, a fact acknowledged by Ana Botin, Santander's executive chairman.
The restructuring involves eliminating Santander's three regional divisions in Europe, North America, and South America, which were established in 2019. Instead, the bank is moving forward with a structure of five global units: retail, consumer, corporate and investment banking, wealth, and PagoNxt payments business. This change aims to streamline operations and expand Santander's footprint in the U.S., especially in corporate and investment banking, and to develop a dedicated U.S. consumer banking technology platform, including digital-only banking.
Santander launched its digital bank, Openbank, in the U.S. in October. The bank aims for its U.S. business to efficiently boost national deposit acquisition that will fuel its leading Auto lending franchise and transform its Retail Bank. Openbank has already reached $2 billion in U.S. deposits, as announced on a Monday.
To lead this digital transformation, Swati Bhatia, who previously led Marcus and GreenSky for Goldman Sachs, joined Santander in March 2024. Bhatia will play a key role in driving digital innovation at Santander US.
The restructuring also reflects a broader strategy to streamline operations, reduce expenses, and improve efficiency through digital transformation. This is evident in the UK, where Santander is undergoing cost-cutting and automation-driven restructuring, leading to over 2,000 job cuts in the first half of 2025 (following 1,400 cuts in 2024).
Despite some profit declines in Brazil and Mexico due to external pressures, Santander achieved record quarterly net income growth driven by gains in the U.S. and Spain, helping maintain its profit outlook. The bank's geographic diversification underpins its resilience amid geopolitical uncertainties.
Santander did not return a request for comment on Riley's appointment or the global restructuring. The bank last retooled in September 2023, when it consolidated its retail and commercial business and created a global digital consumer banking division. The global restructuring eliminates the bank's three regional divisions in Europe, North America, and South America.
In summary, Santander's global restructuring replaces its regional divisional structure with global units, elevates leadership in the U.S. to drive expansion and digital innovation, while parallel cost-saving measures continue in key markets such as the UK. This strategy is designed to improve efficiency, profit growth, and market presence—particularly in the U.S. banking sector.
- The technology sector will play a significant role in Santander's new U.S. consumer banking strategy, as the bank aims to develop a dedicated digital-only banking platform under Swati Bhatia's leadership.
- Santander's restructuring also indicates a focus on business growth, particularly in corporate and investment banking, as well as wealth management, with the establishment of five global units replacing the previous regional divisions.
