Santander’s UK finance chief has paid £500,000 in relocation costs in each of the past four years
Santander’s UK finance chief has received £500,000 in relocation costs in each of the past four years, documents show.
Duke Dayal moved from Boston in the United States to London in 2019. Companies often compensate executives for changing jobs to cover additional costs such as travel, buying or renting a home and payment tuition. But these payments are usually one-time.
Switch: Santander said relocation package was ‘to support [Dayal’s] moving… and the transition’
Dayal was also the Spanish loanee’s highest-paid manager last year, taking home £3.5m – more than UK Division chief executive Mike Regnier, who received £2.4m.
Since arriving in the UK, Dayal has received a total of £11million.
Santander has been criticized for failing to pass on interest rate hikes to savers. Last year it raked in £4.8billion in net interest income – the difference between what it pays savers and what it charges borrowers. That was £475million more than in 2021.
Santander said the relocation package was “to support [Dayal’s] move…and transition”.