Banco Santander

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Protesting Banco Santander
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Summary

Banco Santander is a multinational financial services company that was founded in 1857. It was sued by 34 U.S. states over it’s automobile loans that involved high interest rates and prolonged repayment plans. Some 82 percent of these borrowers were considered sub-prime of whom roughly half defaulted. Despite these high default rates, the bank made a profit by borrowing at low interest rates and then re-selling the loans on the secondary market. In 2020, the bank paid the U.S. government $550 million to have the lawsuits dropped.

Products

financial services

Violations

Top 5 Offense Groups (Groups Defined)Penalty TotalNumber of Records
consumer-protection-related offenses$618,345,00014
financial offenses$27,358,2818
employment-related offenses$62,8951

(May 11, 2021)

Number of Records
23
Total Penalties
$645,766,176 (May 11, 2021)
Information in this section is drawn from the Violation Tracker database produced by the Corporate Research Project of Good Jobs First in Washington DC. It is the most comprehensive source of data on business violations of laws and regulations in the United States. For specific examples of misconduct, please click on the links.

Stories

Article Archive

Spain’s Banco Santander Criticized for Hypocrisy

Published by
Bank Track
|
By
Amazon Watch
|

Spain’s Banco Santander, which has been facing growing criticism for being a lead financier in a highly controversial dam project in the Brazilian Amazon, recently signed on to the “Equator Principles,” a set of socially and environmentally responsible financing guidelines adopted by a growing nu

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Chile demanda a bancos en Miami por ocultar fortuna de Pinochet

Published by
Reuters
|

SANTIAGO (Reuters) - Chile demandó esta semana a cuatro bancos en Miami por presuntamente haber ocultado la fortuna de Augusto Pinochet, como parte de una investigación por millonarias cuentas secretas que mantenía el fallecido dictador.

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El Santander y el escándalo de los millones de Obiang y Pinochet

Published by
Diario 16
|
By
José Antonio Gómez
|

En los últimos tiempos, desde la llegada de Ana Patricia Botín a la presidencia del Santander, su departamento de comunicación, capitaneado por Juan Manuel Cendoya y con la colaboración de sus medios afines, han tratado a marchas forzadas de vender la imagen de un banco transparente que no se aju

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Books
  • Building a Global Bank: The Transformation of Banco Santander, Emilio Botín y el Banco Santander: Historia de una ambición (2008).

Activism

Recent & Ongoing Campaigns
Activists briefly occupy Santander headquarters in union campaign

Katie Johnston | Boston Globe | March 27, 2017

About 50 bank workers, community leaders, and housing rights advocates from around the country briefly occupied Santander’s US headquarters on State Street in Boston Monday morning, causing security to lock down the bank branch for about 30 minutes until police arrived.

Spanish Ire Against Bankers Spills Over in City Center Protests

Charles Petty | Bloomberg | May 31, 2011

After losing 8,000 euros ($11,500) on an interest-rate swap sold with her mortgage, Maria Jesus del Rio joined demonstrators in her home town of Soria as protests against politicians and bankers spilled onto Spanish streets.

Major Investigations
Santander agrees to $550 million U.S. settlement over subprime auto loans

David Shepardson | Reuters | May 19, 2020

Santander Consumer USA Holdings Inc said on Tuesday it had agreed to make changes to its underwriting practices as part of a $550 million settlement with 33 states and the District of Columbia over subprime auto loans.

Employment Practices
Brazil health crisis forces Santander into office retreat

Carolina Mandl & Tatiana Bautzer | Reuters | March 26, 2021

Less than a month ago, Banco Santander Brasil had nearly 65% of its employees back in offices, while Brazil’s two largest banks kept almost all of theirs working from home.

Bankers protest layoffs at Santander during pandemic

JN Glco | September 24, 2020

Bankers from all over the country are holding, this Thursday (24), a National Day of Struggle against the layoffs carried out by Banco Santander.

Bank workers protest outside Santander

Tim Devaney | The Hill | March 27, 2017

Santander Bank is facing protests Monday from workers who are demanding a union.

Financials

Corporate Headquarters
Ciudad Grupo Santander, Boadilla Del Monte, Madrid U3 28660, Spain
Most Recent Gross Revenue
$55.163 billion (2019) | source
Most Recent Net Revenue
$6.630 million (2019) | source
Stock Exchange Tickers
NYSE: SAN
Subsidy Tracker
Subsidy Tracker
Subsidy Tracker is a project of Good Jobs First in Washington DC. It is the most comprehensive source of data on state and federal subsidies in the United States. For more details, click on the links.
Click here for details of subsidies received by Banco Santander.
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