Looking to bulk up in commodities, Santander created a role to oversee the business and named Rubén Rincón to the job. An internal memo circulated this week was seen by Bloomberg News, and a spokesperson also verified the appointment. Rincón had been the bank's global head of equity derivatives trading and has been with Santander since 2013.
Under the new structure, he will answer to Alfredo Madrigal, who serves as Santander CIB's global head for commodities, equity derivatives and ETDs. Alfonso Ruiz Poveda is succeeding Rincón in the role of head of equity derivatives trading.
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This is part of a broader Global Markets expansion in commodities. Earlier in the year, Santander brought in Carl Teece to drive a build out of metals trading capabilities. The bank is also planning to add precious metals trading, according to a person familiar with the matter who spoke to Bloomberg News in May. It is a familiar playbook: lenders that finance miners often try to deepen those relationships by offering hedging and trading services directly rather than watching that business go elsewhere.
Investment banking is one of Santander's five global business lines. If Santander can turn more of its mining relationships into hedging and trading flow, that could support steadier fee and trading income. For your money, that is the kind of slow-and-steady shift that can make a big bank a little more predictable through the cycle.
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