Business · Companies · 3 hrs ago
Santander targets $150 million in extra annual US profits through Project Unity
Santander is bringing its US businesses closer together through an internal plan called Project Unity.
The bank operates in the United States across retail banking, payments, investment banking, wealth management and financing, and its Openbank service expanded its retail and consumer banking reach.
Project Unity aims to add $150 million in annual profits by sharing platforms and technology, cutting costs and improving efficiency.
Santander also plans to bring Webster, which it is acquiring, into the effort; the bank says Webster’s $10 billion in liquidity could lower its funding costs.
Webster’s separate cost-saving estimates differ: the headline gives $712 million in synergies, while the article text says $800 million.
Santander is targeting an 18% return on tangible equity in the United States by 2028, compared with 13.2% at the end of the first half of the year.
The bank hopes its initiatives can help reach that target sooner, though no earlier date is given.
Santander aims to generate an extra $150 million in annual US profits through its Project Unity plan.
The plan is intended to improve cooperation among the bank’s US businesses, unify technology and platforms, and cut costs.
The target is expected to be reached after the legal mergers of entities selected for integration are completed.
Santander says Project Unity’s gains are separate from the cost synergies expected from integrating Webster.
The bank has maintained its goal of reaching an 18% return on tangible equity in the United States by 2028.
- Who
- Santander.
- What
- It aims to generate $150 million in extra annual US profits through Project Unity.
- When
- The article was published on October 27, 2026. The timing for reaching the profit target is not stated.
- Where
- The United States.
- Why
- Santander wants to improve efficiency and profitability by integrating its US businesses more effectively.
This story does not have two clearly opposing sides.
Santander launched Openbank, giving its retail and consumer banking business national scale in the United States.
Expansión reported that Santander was pursuing Project Unity to generate extra annual US profits.
- Annual profit target
- $150 million
- Project Unity target in euros
- €135 million
- Webster integration cost synergies
- $800 million, separate from Project Unity
- US return on tangible equity goal
- 18% by 2028
- US return on tangible equity reported
- 13.2%
What people are saying
Management has indicated that it is working to reach that level earlier