Santander Raises Investment Bank Bonuses by 5% After Record Year

Banco Santander SA is expanding the bonus pool for its investment bankers by about 5%, according to people familiar with the matter, an increase that’s below many peers even though the unit had a record year.

The change, which applies to the division known as Corporate and Investment Banking, comes after Santander raised variable compensation by about 10% on average last year, Bloomberg News has reported. There’s individual variation, with some top performers getting raises above 10%, some of the people said. All asked not to be identified discussing the private information.

A Santander representative declined to comment.

The ...