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Two days ago, the U.K.’s main car industry lobbyist put out a press release announcing that a no-deal Brexit “would have an immediate and devastating impact… causing irreversible and severe damage.” This was translated by Brexit Secretary Michael Gove to mean, “We’re ready, willing and eager to jump off the cliff with you and your criminal prime minister.” As such, we can’t wait to see what magic Gove & co. can work on this, if they’ve got any energy to do so given the current omnishambles in London.

Spanish banking giant Banco Santander SA will book a roughly €1.5 billion ($1.7 billion) charge over its U.K. business that has been hit by Brexit and changes in banking regulation….

“While ringfencing reforms and Brexit have impacted profitability in the U.K., it remains a critically important market, in which the group is investing significantly to service our customers and to continue to compete,” the bank’s executive chairman, Ana Botín, said.

Santander Takes $1.7 Billion Charge on U.K. Business Amid Brexit Uncertainty [WSJ]


By Eduardo P (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Banco Santander Doing Its Best Impression Of A Non-Spanish Bank

And just when Brian Moynihan was gonna make siestas a thing.

(Getty Images)

No More Siestas At Banco Santander

New CEO Andrea Orcel is not the fun kind of Italian.


Banco Santander Hurrying Back Down 75,000 Chimneys To Get Its $175 Million Back

No, it wasn’t a kind Christmas gift, just typical bank back-office incompetence.


Banks Will Be Fine With A Hard Brexit

Everyone else might be screwed, but even Barclays will survive.

By Eduardo P (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Wells Fargo Not The Only Bank Ripping Off Poorer Drivers

Banco Santander’s a sixth of the way to matching Wells’ auto-loan sanctions.


Brexit Begets Brexits

The British borders look like a one-way street with foreign bankers streaming out.


What Does Not Kill Deutsche Bank, Uh, Does Not Kill It

And the second quarter definitely did not kill it!