Swati Bhatia. Photo courtesy of Santander Bank

Santander Bank announced Wednesday morning that Swati Bhatia, formerly of Goldman Sachs’ Marcus banking unit, has taken over its retail banking arm.

Bhatia’s title will be “head of retail banking and transformation,” and she’ll report directly to the Santander Bank CEO Tim Wennes and Daniel Barriuso, head of retail and commercial banking and group transformation at Santander’s international parent company.

In its announcement of the hiring, Santander said the move “underscores the Santander US commitment to transforming” its retail bank. The lender announced last week that it was piloting a new, teller-less branch concept in Boston and four other American cities.

“The Bank has reached an inflection point as we progress towards becoming a national, digital bank with branches, and I am delighted to have Swati leading the business during this next chapter. Her track record of innovation in consumer banking, coupled with a strong background in risk and controls, provides her with the right combination of experiences to scale the digital platform and grow the business nationally,”Wennes said in a statement.

Santander’s announcement touted Bhatia’s digital banking experience, both at Marcus and previously at Stripe, where she was chief payments risk officer. The bank has sought to refocus its operations on digital banking services, shuttering dozens of branches in Massachusetts alone in the last year and laying off the head of its commercial banking division amid a restructuring.

“Santander is a respected and innovative global banking leader, and I am excited to be joining the Retail Bank business at this pivotal moment of transformation and growth. Santander’s globally connected technology platforms and depth of digital expertise provides a competitive advantage and positions the business for profitable growth in the U.S. market,” Bhatia said in a statement.

Santander Names New ‘Transformation’ Executive

by Banker & Tradesman time to read: 1 min
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