SAN is trading 4% down at $13.62 as a significant Asia-Pacific business overhaul and profit-taking weigh on the stock following its recent climb to a 52-week high.
- Spain's Banco Santander has restructured its Asia-Pacific corporate and investment banking unit, removing its Beijing branch manager and implementing cost-cutting measures.
- The stock's prior rally was fueled by an ongoing multi-billion-euro share buyback programme and improved analyst sentiment.
- Today's decline is also attributed to profit-taking after the recent strong performance and market-wide selling pressure.