Spain's Santander overhauls Asia-Pacific business, FT reports

Wed, July 8, 2026 at 4:51 AM UTC

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July 8 (Reuters) - Spain's Santander has overhauled its Asia-Pacific business under 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.

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.

Santander 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.

Senior leaders in the division have also embarked on a cost-cutting drive in recent months, scrapping employee perks, the newspaper said.

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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.

Reuters could not verify the report. Santander did not immediately respond to a request for comment.

(Reporting by Chandni Shah in Bengaluru; Editing by Mrigank Dhaniwala)

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