According to the documents, Santander’s UK CFO has received £500,000 in relocation costs in each of the last four years.
Duke Dayal moved from Boston in the US to London in 2019. Companies often compensate managers for job changes to cover additional expenses such as travel, buying or renting a house, and school fees. But these payments are usually one-time.
Switch: Santander said the resettlement allowance was “to support [Dayal’s] move… and transition’
Dayal was also the highest-paid director of the Spanish lender last year, taking home £3.5m – more than UK chief executive Mike Renier, who took home £2.4m.
Since moving to the UK, Dayal has received a total of £11 million.
Santander has been criticized for not passing on interest rate hikes to savers. Last year it earned £4.8bn of net interest income, the difference between what it pays depositors and what it charges borrowers. This is £475 million more than in 2021.
Santander said the resettlement allowance was supposed to “support [Dayal’s] move … and transition’.
Credit: www.thisismoney.co.uk /