Word: stilles
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...highlights the second key to the company's incredible success: software. First step, in goes Santander's proprietary Parthenon software, which organizes a bank's business by customer instead of by product line, as had been the case at 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...
...Still, for a bank that can get a bit smug about its meticulousness, the Madoff stain, albeit minor, will be hard to rub out. It's also one of the reasons why Santander's private-banking business is in the red. "We were caught in a fraud, but it was still a mistake," concedes chief financial officer Juan Antonio Alvarez. (See pictures of the demise of Bernie Madoff...
...when it bought Banesto in 1994, bringing the Parthenon operating platform with him. He's very smart and at most other banks he'd be a shoo-in. But Botín is a dynastic kind of guy, and his daughter Ana Patricia, 49, currently heads Banesto, which is still run as a separate network...
...anyone handicapping this one, Santander City might supply another clue. There among the modern brick buildings are rows of olive trees Botín had brought in, their trunks gnarled and twisted. You won't find one under 1,000 years old. Tradition still counts for a lot here...
That's a far cry from the climate in most of the U.S., where - despite the recent election of Annise Parker, a gay woman, as mayor of Houston, America's fourth largest city - honesty can still end a gay politician's career. Openly gay politicians such as San Francisco supervisor Harvey Milk began winning seats in U.S. cities with large gay populations in the 1970s. Progress has since slowed, says David Rayside, a professor of political science at the University of Toronto. He believes that the relative strength of incumbency in the U.S. creates a barrier to the corridors...