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Santander Consumer USA Names Bruce Jackson as Head of Santander Auto Finance
Industry veteran will lead core auto finance channel, alongside Shawn Allgood, who will continue to lead Chrysler Capital
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DALLAS, Feb. 9, 2021 /PRNewswire/ Santander Consumer USA Holdings Inc. (NYSE: SC) ( SC ), has named Bruce Jackson as Head of Santander Auto Finance, effective April 28, 2021. Mr. Jackson will join the SC leadership team and report directly to Mahesh Aditya, President and CEO of SC. Mr. Jackson will lead SC s core auto originations channel, serving alongside Shawn Allgood, who remains Head of Chrysler Capital and Auto Relationships. In order to provide exceptional service to our dealer network, Mr. Jackson and Mr. Allgood will manage sales, originations and funding operations for their respective lines of business.
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BOSTON and DALLAS, Feb. 4, 2021 /PRNewswire/ Santander Holdings USA, Inc. ( SHUSA ) and Santander Consumer USA Holdings Inc. (NYSE:SC) ( SC ), today confirmed that the Board of Governors of the Federal Reserve System has authorized the Federal Reserve Bank of Boston to terminate its Written Agreement dated March 21, 2017, with SHUSA and SC s wholly-owned subsidiary, Santander Consumer USA Inc.
Since 2015, SHUSA and SC have made significant progress in strengthening board oversight, compliance, risk management, capital planning and liquidity risk management. The 2017 Written Agreement required Santander to strengthen risk management across Santander US, and its termination demonstrates the progress Santander has made in recent years. The enhancements made to SHUSA s and SC s risk programs in response to the 2017 Written Agreement are now fully embedded in Santander s US operations.
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DALLAS, Feb. 3, 2021 /PRNewswire/ Santander Consumer USA Holdings Inc. (NYSE: SC) ( SC or the Company ) today announced net income for the fourth quarter ended December 31, 2020 ( Q4 2020 ) of $521 million, or $1.70 per diluted common share. Net income for the full year 2020 ( 2020 ) was $911 million, or $2.87 per diluted common share.
As a result of the Federal Reserve Board s extended interim policy (the Interim Policy ), SC is prohibited from paying a dividend in the first quarter of 2021. Although SC s standalone income is sufficient, SC consolidates into SHUSA s capital plan and, therefore, the calculation of the restrictions uses SHUSA s average trailing four quarters of income, which is insufficient to permit dividends under the Interim Policy. SHUSA has requested certain exceptions to the Interim Policy, however, the timing and outcome of the request is uncertain.