Santander Central Hispano (SCH), the Spanish bank, has axed 70 jobs and shut down its European brokerage operations in Frankfurt, Paris and Milan, less than a year after it opened offices in the three cities.
According to sources close to the bank, SCH's new head of investment banking, Adolfo Lagos, has ditched plans made by his predecessor, Jose Manuel Arrojo, to expand brokerage services into France, Germany and Italy.
