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Article: Banco Santander tries lean staffing for trust. (Banco Santander Puerto Rico's trust department)
- Article from:
- American Banker
- Article date:
- August 12, 1992
- Author:
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Can a billion-dollar trust operation be run by five people? Banco Santander Puerto Rico intends to find out.
The $3.6 billion-asset bank, a subsidiary of Spain's fifth-largest financial institution, started up a trust department last November. It has since amassed $240 million in discretionary assets. Bank executives expect the operation to grow to $300 million by yearend and $1 billion by 1996.
Despite those projections, Banco Santander Puerto Rico plans to add only one employee to the four who began with the unit eight months ago.
Extensive Automation
The low staffing level is made possible by a strategy of automating nearly every ...