Banco Santander, S.A. — Ethics Grade C-

Banco Santander, S.A. receives an overall ethics grade of C- (44/100) on CancelCo's corporate accountability database. Sector: Financial Services. Market cap: Large Cap.

Category scores

• labor: 55
• privacy: 42
• consumer: 40
• environment: 35
• humanRights: 50

Documented incidents (3)

• Predatory Auto Loans (high, 2020) — The US subsidiary settled for over $500 million regarding allegations of subprime auto lending. The bank was accused of trapping low-income borrowers in high-interest loans they could not afford.
• Amazon Deforestation Financing (high, 2023) — Reported as one of the primary financial backers of companies linked to deforestation in the Amazon rainforest. This contradicted the bank's public sustainability and net-zero commitments.
• GDPR Compliance Fine (medium, 2022) — Spain's data protection agency fined the bank for failing to provide clear information on how customer data was used for marketing profiles. Customers were unknowingly tracked for targeted advertising.

Documented good deeds

• Financial Inclusion Program — Provided financial literacy training and micro-loans to over 10 million underserved individuals in Latin America.

Ethical alternatives

• Triodos Bank — Ethical bank that only invests in companies that benefit people and the environment.