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Sophie

Vice President and Equity Research Analyst at Goldman Sachs

Sophie is a Vice President and Equity Research Analyst at Goldman Sachs, specializing in the healthcare sector with a focus on biotechnology and pharmaceuticals. She covers specific companies including Regeneron Pharmaceuticals, Vertex Pharmaceuticals, BioMarin Pharmaceutical, and Alnylam Pharmaceuticals, achieving a strong performance track record with a 68% success rate on TipRanks and average return of 22% over her rated calls. Ranked in the top 10% of biotech analysts, Sophie joined Goldman Sachs in 2020 after starting her career at J.P. Morgan in 2015 as a junior analyst and briefly working at Evercore ISI. She holds Series 7, 63, and 86 FINRA licenses, along with an MBA from Harvard Business School.

Sophie's questions to Banco Santander (SAN) leadership

Question · Q4 2025

Sophie from Goldman Sachs questioned the rationale for expanding in the U.S. Northeast, given Santander's past exit from West Coast operations and previous focus on running down mortgage lending and closing branches. She also requested a breakdown of the 140 basis points capital impact, specifically regarding goodwill and other capital adjustments.

Answer

Ana Botín (Executive Chair, Banco Santander) clarified that the Webster acquisition transforms Santander U.S. into a full-service retail commercial bank focused on the Northeast, an economy the size of the UK, where they will be a top-five player. She emphasized that pre-Webster, Santander U.S. was more of a monoliner consumer bank, and Webster brings a strong commercial bank, complementing their existing operations to achieve an 18% RoTE. José Antonio García Cantera (CFO, Banco Santander) detailed the 140 basis points capital impact: 110 basis points from the cash portion of the EUR 10.3 billion price, and the remaining 30 basis points from DTA impacts and a slight increase in risk-weighted assets due to model translation.

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