Rising Star at Santander Shakes up Bank’s Staid Wealth Business
Ex-Morgan Stanley banker Javier Garcia-Carranza is overhauling the unit that caters to the Spanish bank's richest customers
A Banco Santander SA bank branch in Barcelona.
Photographer: Angel Garcia/BloombergA year ago, Ana Botin caused ripples inside Banco Santander SA when she tapped Javier Garcia-Carranza to lead the Spanish lender’s staid-but-stable wealth, asset management and insurance unit.
The ex-Morgan Stanley real-estate investment banker was seen by some as having a limited background in the businesses he’d been put in charge of, according to people familiar with the matter. But since arriving in 2016, his star had risen within the bank and he was seen as one of Botin’s keenest allies, the people said, asking not to be identified speaking about internal matters.