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Santander Commercial Banking Head Let Go Amid Reorganization

By Nika Cataldo | Banker & Tradesman Staff | Jul 26, 2023 | Reprints | Unlock Link

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Banker & Tradesman file photo

Boston-based Santander Bank has recently laid off Joe Abruzzo, head of its commercial banking division, reportedly due to consolidation efforts of the bank’s U.S. businesses.

According to a Boston Business Journal report, Santander announced the consolidation of its commercial banking business with its commercial real estate business and vehicle-financing businesses, which took effect on July 24. The move will simplify operations into one commercial banking department, resulting in the promotion of two New England employees Michael Lee and Patricia Packard, and cutting Abruzzo’s position.

This layoff comes as other Massachusetts banks are hunting and hiring local talent from the failed Silicon Valley Bank and First Republic Bank.

Santander did not respond to a request for comment.

Banking & Lending