- Top bankers will have to drive their company Audis themselves
- Deutsche Bank also forgoing personal drivers for executives
Senior executives at Banco Santander SA will soon have to take the wheel of their company-issued Audis themselves as Spain’s biggest bank abandons the use of chauffeurs for all but those at the very top.
Starting next month, only Chairman Ana Botin, Chief Executive Officer Jose Antonio Alvarez and the bank’s two vice-chairmen will get to keep their drivers, a spokeswoman for the bank said by phone. The cutback applies to executives including the 21 vice presidents who work at the head office near Madrid and who typically drive Audi A8s with a list price of about 88,000 euros ($98,000).
Santander is reducing staff and closing hundreds of branches as it seeks to shave 3 billion euros from expenses by the end of 2018. Deutsche Bank AG is also forgoing personal drivers for management board members to cut costs, Chief Executive Officer John Cryan said in March.