Santander launches Project Unity to achieve extra profits in the US
The goal is to more effectively integrate the U.S. subsidiaries and achieve $135 million in additional annual earnings. They will be added to the $712 million in synergies from Webster.
Santander has made the US its key market, driven by its purchase of Webster and a new internal strategy called Project Unity. The project aims to generate $150 million in extra annual profits by increasing efficiency and cooperation among its US units. The bank operates in the US across various sectors, including retail banking, payments, investment banking, and financing.
With the acquisition of Webster, Santander expects to achieve cost synergies of $800 million and improve its return on tangible equity (ROTE) in the US to 18% by 2028.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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