Santander chief is paid £2m to relocate
Santander’s UK finance chief paid £500,000 each in moving costs over the past four years
Santander’s UK finance chief has paid £500,000 in moving costs over the past four years, documents show.
Duke Dayal moved from Boston in the US to London in 2019. Companies often compensate executives for changing jobs to cover additional costs, such as travel, buying or renting a home, and paying for school fees. But these payments are usually one-off.
Switch: Santander said the relocation allowance was “for support.” [Dayal’s] moving… and the transition’
Dayal was also the Spanish lender’s highest-paid executive last year, taking home £3.5 million – more than UK division CEO Mike Regnier, who was paid £2.4 million.
Since moving to the UK, Dayal has paid a total of £11 million.
Santander has been criticized for not passing on interest rate hikes to savers. Last year it brought in £4.8bn in net interest income – the difference between what it pays savers and charges borrowers. This was £475 million more than in 2021.
Santander said the relocation allowance was “for support”. [Dayal’s] relocation …and the transition’.