Lunchtime Links: Santander wants to hire 200 investment banking professionals across London, Madrid and New York

While Goldman Sachs is busy threatening to transfer City people to Madrid, Spain's biggest bank is preparing to hire in London.

According to Bloomberg, Santander has received authorization to expand its 'anorexic' investment bank of 2,400 people by 8% next year. The new hires will be in London, Madrid and New York and won't compensate for the 500 people shed by the bank during the depths of the financial crisis.

Ominously, Santander doesn't appear to be a great payer. Bloomberg says compensation costs in the investment bank stand at just 22% of income, compared to 41% across the bank as a whole.

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