• Jesus Gomez to replace Mariano Colmenar who is said to leave
  • Two other analysts also said to depart in reshuffle at unit

Banco Santander SA has promoted Jesus Gomez to head of equity research at its brokerage business as part of a reorganization.

Gomez replaces Mariano Colmenar, who is leaving together with analysts Arancha Bueno and Aranzazu Cortina, according to people with knowledge of the changes who asked not to be identified because the matter is private.

A spokesman for Santander confirmed Gomez’s appointment, declining to comment on the departures. Colmenar, Bueno and Cortina couldn’t immediately be reached for comment.

Santander explored selling at least part of the brokerage business last year, two people said at the time. The bank doesn’t disclose the unit’s revenue or the number of employees. Its global corporate banking division, which includes equities, earned 454 million euros ($506 million) in the first quarter, or 28 percent of the bank’s income.

The lender is closing branches in its home market and has eliminated about 1,400 jobs in Spain this year as low interest rates, weak demand for credit and tough domestic competition squeeze margins. Earnings fell 10 percent at the Spanish unit in the first quarter, with net interest income declining 14 percent.

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