Santander Makes New York Cuts

Santander was heard laying off some 15 people in its New York offices in December, including Marcia Vorona, an executive director in the LatAm structured finance group. Vorona joined Santander from ABN Amro in late 2008 after an RBS-led consortium took over the Dutch bank. This follows a series of LatAm cuts at other European institutions such as ING and RBS as they move to comply with Basel III rules and set aside more money for capital requirements to protect against the continent’s ongoing debt crisis.