Word: staff
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...Abbey. "This is the kind of sophisticated information JPMorgan still didn't have, and I saw it at a Santander branch in Chile," says Davide Serra, head of the U.K.'s Algebris hedge fund. The system facilitates cross-selling to existing customers while allowing Santander to cut back-office staff drastically (Santander never cuts the flesh pressers out front). In Abbey's case, total employees dropped from 25,331 to 16,489, while costs have come down from 70% of income to around 40%, in line with Santander's overall cost-to-income ratio. The average cost-to-income ratio...
...Staff writer Janie M. Tankard can be reached at jtankard@fas.harvard.edu...
...Staff writer Sofia E. Groopman can be reached at segroopm@fas.harvard.edu...
...Staff writer Elias J. Groll can be reached at egroll@fas.harvard.edu...
...Staff writer William N. White can be reached at wwhite@fas.harvard.edu...