Santander has put two senior bankers in London at risk of redundancy, even as it continues to build up its investment banking business. Both have been at the bank a fairly short time.
Tom Muoio, managing director and head of leveraged finance syndicate, and Simon Steffen, head of high yield debt capital markets, are at risk.
Bankers believe the recent new senior hires from Credit Suisse are reshuffling teams. "Santander has brought in a of people from CS," said one source at the firm.
In October, Santander hired Eduardo Trocha as co-head of European leveraged finance. He had left a similar position at Credit Suisse the month before.
At the beginning of February GlobalCapital reported that Craig Macfarlane, an investment banker in global corporate banking, was leaving after six years, another sign of the bank changing its teams.
Muoio joined Santander as head of levfin syndicate in February 2022. He had been head of leveraged capital markets at Jefferies for six years until the bank replaced him in May 2018 with Bala Ramesh. He then joined Fitch as head of the corporate issuer team in EMEA, a business development job.
Before Jefferies, Muoio had worked for 11 years at Credit Suisse until November 2011.
Steffen had joined Santander only last year. He had previously worked for seven years at UniCredit, ending as MD and head of non-investment grade origination, according to his LinkedIn page.
Before that he had worked in levfin at first BofA and then Barclays, with a stint as a senior manager, corporate finance at Dubai World in between.
Santander declined to comment.
Additional reporting by Jon Hay