Skip to content
Subscriber Only

Santander Consumer Plunges as CEO Shifts Plan on Personal Loans

  • Shares fall 15%, the biggest intraday slide since January 2014
  • Lender to sell debt originated by LendingClub, Bluestem

Santander Consumer USA Holdings fell the most in 21 months after saying it plans to sell a portfolio of personal loans originated by other companies and refocus on its main auto-lending business.

Shares plunged 15 percent to $19.15 at 1:55 p.m. in New York, the most intraday since January 2014. Dallas-based Santander, which is controlled by Spain’s largest bank, announced the strategic shift Thursday along with third-quarter results.