Breakingviews - Santander's Path on Wall Street Takes a SPAC Turn
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 27 2025
0mins
Should l Buy GS?
Source: Reuters
Santander's Position in SPACs: Banco Santander is ranked fifth for U.S. SPAC listings this year, holding a 7.9% market share, which is unusual for the primarily consumer and corporate lending-focused bank.
SPAC Market Revival: The SPAC market is experiencing a resurgence with $17 billion raised in 2025 and another $9 billion in pending IPOs, although still below the peak of $162 billion in 2021.
Strategic Moves by Santander: Under Executive Chair Ana Botín, Santander has expanded into investment banking by hiring former Credit Suisse dealmakers, maintaining its involvement in SPACs even when larger banks like Goldman Sachs stepped back.
Concerns Over SPAC Viability: Despite a poor track record for investor returns and regulatory scrutiny, Santander's engagement in SPACs appears to be a calculated risk as the bank anticipates a strong return on equity this year.
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Analyst Views on GS
Wall Street analysts forecast GS stock price to rise
12 Analyst Rating
5 Buy
7 Hold
0 Sell
Moderate Buy
Current: 948.470
Low
604.00
Averages
951.45
High
1100
Current: 948.470
Low
604.00
Averages
951.45
High
1100
About GS
The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Its segments include Global Banking & Markets, Asset & Wealth Management and Platform Solutions. The Global Banking & Markets segment offers a range of services, including financing, advisory services, risk distribution, and hedging for its institutional and corporate clients. It facilitates client transactions and makes markets in fixed income, equity, currency and commodity products. The Asset & Wealth Management segment manages assets and offers investment products across all asset classes to a diverse set of clients. It also provides investing and wealth advisory solutions. The Platform Solutions segment includes consumer platforms, such as partnerships offering credit cards and point-of-sale financing, and transaction banking and other platform businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Competitive Edge: Marcus by Goldman Sachs offers a leading 4% APY on its 9-month CD, significantly surpassing the national average of 1.53% for a 1-year CD, highlighting the competitive advantage of online banks and credit unions.
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- Selection Strategy: When choosing a CD, investors are advised to compare rates from various financial institutions, consider the advantages of online banks, and pay attention to minimum deposit requirements and account terms to ensure they secure the best rates and flexibility.
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- China's Holdings Decline: China's U.S. Treasury holdings fell to $652.3 billion in March, down approximately 6% from February, marking the lowest level since September 2008, indicating a strategic shift in response to energy shocks.
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- Optimistic Future Outlook: The CEO noted that despite geopolitical tensions, the backlog of M&A deals is at a four-year high, with expectations for continued robust activity in the coming years, supported by declining interest rates and a favorable regulatory environment.
See More
