Santander Totta to cut administration salaries

  • ECO News
  • 31 March 2020

Ana Botín has cut her salary in half because of the pandemic. This decision will also be followed by the bank's management in Portugal.

Santander Totta will also reduce the administration’s remuneration. It will follow the example set by Ana Botín, the president of Banco Santander, who decided to cut management salaries in half because of the pandemic.

“We will follow the example set by President Ana Botín, in the context of the difficulties due to the Covid-19 pandemic,” the bank’s official source told Expresso newspaper.

Botín cut his salary in half, as did Santander’s CEO José Antonio Álvarez, who announced a 20% reduction in the income of non-executive directors.

Despite announcing the cut in management salaries in Portugal, Santander Totta says the size of the cut has not yet been decided. “At the moment we still cannot quantify these figures”, stressed the bank.

Since there is no 2019 annual report, it is not possible to understand the value that management will receive with this cut. In 2018, the bank paid 4.6 million euros in fixed salaries to members of the administration. To this figure were added 1.5 million in bonuses and a further 1.4 million in shares in Banco Santander.