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.
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(May 11, 2021)
- Building a Global Bank: The Transformation of Banco Santander, Emilio Botín y el Banco Santander: Historia de una ambición (2008).
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.
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.
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.
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.
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.
Tim Devaney | The Hill | March 27, 2017
Santander Bank is facing protests Monday from workers who are demanding a union.