NEW YORK – Santander Holdings USA, the U.S. unit of top Spanish bank Santander, announced Monday the appointment of former JPMorgan Chase executive Scott Powell as CEO, effective immediately.
“We are delighted to have Scott join our team. His expertise and experience in retail banking, consumer finance and risk management will be a great contribution as we work to improve customer service, enhance our U.S.-wide oversight and embed our banking culture across the U.S.,” Santander Group Executive Chairman Ana Botin said.
Powell, most recently executive chairman of National Flood Services Inc., occupied several important posts at JPMorgan Chase & Co., including head of Banking and Consumer Lending Operations.
He also spent 14 years with Citigroup.
“Scott’s appointment is an important step toward our goal of strengthening Santander Holdings USA to manage our U.S. businesses,” the unit’s non-executive chairman, T. Timothy Ryan, Jr., said.
The 52-year-old Powell succeeds Roman Blanco, who will remain chief of Santander Bank, N.A., according to the statement.
The appointment of the new CEO comes as Santander Holdings USA is facing scrutiny from the U.S. Federal Reserve, which last year rejected the company’s dividend and share-repurchase plan.
Boston-based Santander Holdings USA is a wholly owned subsidiary of Banco Santander, S.A.. Spain’s largest financial institution.
Santander Holdings owns 100 percent of Santander Bank and 60.5 percent of Santander Consumer USA, a consumer and auto lender.