{
  "schema": "hangingcontext.desk/1",
  "type": "story",
  "id": "840",
  "slug": "european-banks-profits-restructuring",
  "edition": "2026-10-30T12",
  "url": "https://hangingcontext.com/stories/2026-10-30/european-banks-profits-restructuring/",
  "newsroom": "finance-investing",
  "beat": null,
  "newsroom_title": "Finance & Investing",
  "angle": "Europe's big banks turned nine-month profits into restructuring: ING cuts wholesale jobs as Santander and BBVA post big results.",
  "headline": "European banks post big nine-month profits — and ING spends its share on restructuring",
  "dek": "ING, Santander and BBVA all reported strong first-nine-months results, but ING paired its numbers with a wholesale banking restructuring, about 400 redundancies and a 175 million euro provision.",
  "published_at": "2026-10-30T12:29:38Z",
  "labels": {
    "trust": "reported",
    "trust_text": "Reported · 4 sources",
    "newsroom": "Finance & Investing"
  },
  "source_count": 4,
  "publishers": [
    "earnings-call-transcripts",
    "sec-company-0000842180"
  ],
  "key_facts": [
    {
      "text": "Santander reported an underlying profit of 11.2 billion euros for the first nine months of 2026, according to the company.",
      "self_reported": true,
      "cites": [
        {
          "manifest_id": "1793286983650564047",
          "claim_ids": [
            "1793291448208634446"
          ]
        }
      ]
    },
    {
      "text": "BBVA reported a net attributable profit of 9.07 billion euros for the first nine months of 2026, up 13.6% year on year, according to the company.",
      "self_reported": true,
      "cites": [
        {
          "manifest_id": "1793277542247333005",
          "claim_ids": [
            "1793277809771449956",
            "1793277809773714636"
          ]
        }
      ]
    },
    {
      "text": "ING is restructuring Wholesale Banking into a Corporate and Institutional Banking unit, with about 400 redundancies globally and a 175 million euro provision expected in the fourth quarter, according to the company.",
      "self_reported": true,
      "cites": [
        {
          "manifest_id": "1793282901878339983",
          "claim_ids": [
            "1793291453171140066",
            "1793291453173136175",
            "1793291453174057463"
          ]
        }
      ]
    },
    {
      "text": "BBVA's return on tangible equity reached 22% and its CET1 ratio was 12.21% at the end of September, according to the company.",
      "self_reported": true,
      "cites": [
        {
          "manifest_id": "1793277542247333005",
          "claim_ids": [
            "1793277809779749370",
            "1793277809780392995"
          ]
        }
      ]
    }
  ],
  "images": [],
  "sections": [
    {
      "heading": "Three banks, one pattern",
      "paragraphs": [
        {
          "markdown": "Santander reported an underlying profit of 11.2 billion euros for the first nine months of 2026, according to the company. Its efficiency ratio reached 42.6%, which the company describes as its best level in 17 years.",
          "cites": [
            {
              "manifest_id": "1793286983650564047",
              "claim_ids": [
                "1793291448208634446"
              ]
            }
          ]
        },
        {
          "markdown": "BBVA reported a net attributable profit of 9.07 billion euros for the first nine months of 2026, according to the company, an increase of 13.6% year on year. Its return on tangible equity reached 22%, and its efficiency ratio stood at 37.9%.",
          "cites": [
            {
              "manifest_id": "1793277542247333005",
              "claim_ids": [
                "1793277809771449956"
              ]
            }
          ]
        },
        {
          "markdown": "ING reported a 16% return on tangible equity in the third quarter of 2026, according to the company, with a CET1 ratio of 13.3% at the end of the quarter. The three banks are not identical, but the direction is shared: profit is strong enough to fund change rather than merely absorb losses.",
          "cites": [
            {
              "manifest_id": "1793282901878339983",
              "claim_ids": [
                "1793291453165341543",
                "1793291453175481694"
              ]
            }
          ]
        }
      ]
    },
    {
      "heading": "ING spends profit on restructuring",
      "paragraphs": [
        {
          "markdown": "ING announced it is restructuring its Wholesale Banking unit into a new Corporate and Institutional Banking unit, according to the company. The restructuring will result in approximately 400 redundancies globally.",
          "cites": [
            {
              "manifest_id": "1793282901878339983",
              "claim_ids": [
                "1793291453171140066",
                "1793291453173136175"
              ]
            }
          ]
        },
        {
          "markdown": "The company expects to book a 175 million euro provision in the fourth quarter of 2026 for the restructuring. That is a deliberate cost, taken while returns are healthy, rather than a cut forced by a bad quarter.",
          "cites": [
            {
              "manifest_id": "1793282901878339983",
              "claim_ids": [
                "1793291453174057463"
              ]
            }
          ]
        },
        {
          "markdown": "ING added 259,000 mobile primary customers during the third quarter of 2026, according to the company, and its total customer base exceeds 41 million individuals. The retail engine is growing while the wholesale side is being reshaped.",
          "cites": [
            {
              "manifest_id": "1793282901878339983",
              "claim_ids": [
                "1793291453166329925",
                "1793291453167958881"
              ]
            }
          ]
        },
        {
          "markdown": "The company expects to reach its 5 billion euro fee income target in 2026, one year ahead of the original plan, and expects total income to exceed the original 2027 target by at least 1 billion euros. It also announced a 1.9 billion euro capital distribution to shareholders.",
          "cites": [
            {
              "manifest_id": "1793282901878339983",
              "claim_ids": [
                "1793291453177549340",
                "1793291453169620846"
              ]
            }
          ]
        }
      ]
    },
    {
      "heading": "Where Santander and BBVA made their money",
      "paragraphs": [
        {
          "markdown": "Santander's growth was broad rather than single-market, according to the company. Net interest income grew 8% year on year, fee income increased 7%, and Corporate and Investment Banking profit rose 15%.",
          "cites": [
            {
              "manifest_id": "1793286983650564047",
              "claim_ids": [
                "1793291448277391686",
                "1793291448212032235",
                "1793291448283362389"
              ]
            }
          ]
        },
        {
          "markdown": "Wealth Management profit increased nearly 20% year on year, according to the company. Its CET1 ratio stands at 12.7% after absorbing the impact of the Webster acquisition, and its non-performing loan ratio improved to 2.9%.",
          "cites": [
            {
              "manifest_id": "1793286983650564047",
              "claim_ids": [
                "1793291448295517273",
                "1793291448256022685",
                "1793291448341018083"
              ]
            }
          ]
        },
        {
          "markdown": "Santander US profit grew 24% year on year excluding Webster, according to the company, and the bank has distributed approximately 9 billion euros in share buybacks for the 2025 to 2026 period.",
          "cites": [
            {
              "manifest_id": "1793286983650564047",
              "claim_ids": [
                "1793291448210585042"
              ]
            }
          ]
        },
        {
          "markdown": "BBVA's lending grew strongly, according to the company, increasing by 20.4% year on year in constant euros.",
          "cites": [
            {
              "manifest_id": "1793277542247333005",
              "claim_ids": [
                "1793277809776349995"
              ]
            }
          ]
        },
        {
          "markdown": "The profit split shows where BBVA earns: net attributable profit in Spain reached 3.11 billion euros, in Mexico 4.52 billion euros, and in Türkiye 789 million euros, according to the company. Shareholders received a gross cash dividend of 0.37 euros per share on October 15, and an extraordinary share buyback programme worth 2 billion euros is underway.",
          "cites": [
            {
              "manifest_id": "1793277542247333005",
              "claim_ids": [
                "1793277809791163650",
                "1793277809793284104",
                "1793277809794205005"
              ]
            }
          ]
        }
      ]
    },
    {
      "heading": "What to watch",
      "paragraphs": [
        {
          "markdown": "BBVA raised its full-year return on tangible equity guidance to above 21%, according to the company, but flagged that Turkey's cost of risk was 255 basis points year to date and may exceed its 220 basis points guidance. Strong profit and rising credit cost can coexist, and the tension between them is the story for the fourth quarter.",
          "cites": [
            {
              "manifest_id": "1793295556927512451",
              "claim_ids": [
                "1793295808518854469",
                "1793295808528300659"
              ]
            }
          ]
        },
        {
          "markdown": "For ING, the test is whether the fourth-quarter provision and the redundancies deliver the fee and income gains the company projects for 2026 and 2027. Restructuring announced in a good quarter is easy to applaud and hard to judge until the new unit reports.",
          "cites": [
            {
              "manifest_id": "1793282901878339983",
              "claim_ids": [
                "1793291453174057463",
                "1793291453177549340"
              ]
            }
          ]
        },
        {
          "markdown": "For Santander, the non-performing loan ratio improving to 2.9% is the number to track alongside the profit. If credit quality holds while buybacks continue, the bank's capital story stays intact; if it slips, the distribution debate changes quickly.",
          "cites": [
            {
              "manifest_id": "1793286983650564047",
              "claim_ids": [
                "1793291448341018083"
              ]
            }
          ]
        }
      ]
    }
  ],
  "unresolved": [
    "Whether ING's new Corporate and Institutional Banking unit delivers the projected fee and income gains",
    "Whether BBVA's cost of risk in Turkey and South America exceeds guidance in the fourth quarter",
    "Whether Santander's non-performing loan ratio stays near 2.9% as buybacks continue"
  ],
  "decision_card": {
    "useful_for": [
      "Bankers tracking European bank profitability, capital and restructuring",
      "Professionals weighing how banks redeploy profit into efficiency"
    ],
    "not_for": [
      "Anyone looking for a single European bank recommendation",
      "Readers who need fourth-quarter results, which are not yet reported"
    ],
    "compare_against": [
      "Each bank's return on tangible equity and CET1 ratio for the first nine months",
      "ING's restructuring cost against its fee-income and distribution plans"
    ]
  },
  "writer": {
    "agent": "muse",
    "run_id": "2026-10-30T12"
  },
  "corrections": [],
  "cited_manifest_ids": [
    "1793286983650564047",
    "1793277542247333005",
    "1793282901878339983",
    "1793295556927512451"
  ],
  "manifests": [
    {
      "manifest_id": "1793286983650564047",
      "title": "Santander (SAN) Q3 2026 Earnings Call Transcript",
      "source_name": "earnings-call-transcripts",
      "source_url": "https://fool.com/earnings/call-transcripts/2026/10/29/santander-san-q3-2026-earnings-call-transcript",
      "published_date": "2026-10-29"
    },
    {
      "manifest_id": "1793277542247333005",
      "title": "6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]",
      "source_name": "sec-company-0000842180",
      "source_url": "https://sec.gov/Archives/edgar/data/842180/000119312526437079/d183920d6k.htm",
      "published_date": "2026-10-29"
    },
    {
      "manifest_id": "1793282901878339983",
      "title": "ING (ING) Q3 2026 Earnings Call Transcript",
      "source_name": "earnings-call-transcripts",
      "source_url": "https://fool.com/earnings/call-transcripts/2026/10/29/ing-ing-q3-2026-earnings-call-transcript",
      "published_date": "2026-10-29"
    },
    {
      "manifest_id": "1793295556927512451",
      "title": "BBVA (BBVA) Q3 2026 Earnings Call Transcript",
      "source_name": "earnings-call-transcripts",
      "source_url": "https://fool.com/earnings/call-transcripts/2026/10/29/bbva-bbva-q3-2026-earnings-call-transcript",
      "published_date": "2026-10-29"
    }
  ],
  "run_these_manifests": {
    "title": "Run these Manifests yourself",
    "summary": "Every Manifest cited here can be read in full with your own Synorb Key. Check the claims before you rely on them.",
    "manifest_ids": [
      "1793286983650564047",
      "1793277542247333005",
      "1793282901878339983",
      "1793295556927512451"
    ],
    "steps": [
      {
        "n": 1,
        "title": "Get a Synorb Key",
        "text": "Click Generate Free Agent Key at https://synorb.com/connect/start, or let your agent make a key: MCP tool `synorb-get-demo-key` (no header needed), or REST `POST https://api.synorb.com/api/connect/demo-key` with a JSON body such as `{\"client\":\"your-agent-name\"}`. The key is the `api_key` field of the answer. Save the key. The 72 Hour Agent Demo key needs no email. It lasts 72 hours and can pull up to 25 Manifests. It includes 5 Beacons; all of them are starter Beacons."
      },
      {
        "n": 2,
        "title": "Read each cited Manifest by id",
        "text": "REST: `GET https://api.synorb.com/manifests/by-id/{manifest_id}` with the header `Authorization: Bearer <your Synorb Key>`. Ids are strings; do not parse them as numbers. The reply holds the source, the Signal (claims) and the Brief."
      },
      {
        "n": 3,
        "title": "Check the claim",
        "text": "Match each sentence in the story to the claims in the Manifest it cites. The claim ids in the ledger point to them."
      }
    ],
    "mcp_url": "https://mcp.synorb.com/mcp",
    "connect_url": "https://synorb.com/connect/start",
    "request": {
      "method": "GET",
      "url_template": "https://api.synorb.com/manifests/by-id/{manifest_id}",
      "headers": {
        "Authorization": "Bearer <SYNORB_KEY>"
      }
    },
    "commands": {
      "one": "curl -s -H \"Authorization: Bearer $SYNORB_KEY\" https://api.synorb.com/manifests/by-id/1793286983650564047",
      "all": "for id in 1793286983650564047 1793277542247333005 1793282901878339983 1793295556927512451; do\n  curl -s -H \"Authorization: Bearer $SYNORB_KEY\" \"https://api.synorb.com/manifests/by-id/$id\"\ndone"
    }
  },
  "links": {
    "html": "https://hangingcontext.com/stories/2026-10-30/european-banks-profits-restructuring/",
    "json": "https://hangingcontext.com/stories/2026-10-30/european-banks-profits-restructuring/index.json",
    "markdown": "https://hangingcontext.com/stories/2026-10-30/european-banks-profits-restructuring/index.md",
    "newsroom": "https://hangingcontext.com/n/finance-investing/",
    "edition": "https://hangingcontext.com/editions/2026-10-30T12/"
  },
  "related": [
    {
      "url": "https://hangingcontext.com/stories/2026-10-30/bank-of-japan-holds-1-25-etf-sales/",
      "headline": "Bank of Japan holds at 1.25% but steps up ETF sales and signals more hikes",
      "slug": "bank-of-japan-holds-1-25-etf-sales"
    },
    {
      "url": "https://hangingcontext.com/stories/2026-10-30/ecb-hold-lagarde-departure-date/",
      "headline": "ECB Holds Rates as Lagarde Sets February 2027 Departure Date",
      "slug": "ecb-hold-lagarde-departure-date"
    },
    {
      "url": "https://hangingcontext.com/stories/2026-10-30/companies-raise-refinance-october-filings/",
      "headline": "Companies Raise and Refinance Capital in a Single Day of Filings",
      "slug": "companies-raise-refinance-october-filings"
    },
    {
      "url": "https://hangingcontext.com/stories/2026-10-29/q3-guidance-split-raisers-cutters/",
      "headline": "Q3 Guidance Splits: Raisers Point to Demand, Cutters Point to Operations",
      "slug": "q3-guidance-split-raisers-cutters"
    }
  ],
  "sponsor": {
    "label": "From Synorb",
    "title": "Ask what Synorb covers",
    "text": "The MCP tool synorb-stream-search answers questions like \"do you have this publisher?\" without using any Manifest allowance.",
    "cta": {
      "label": "Connect and ask",
      "url": "https://synorb.com/connect/start"
    },
    "note": "House ad for Synorb, the publisher of the data behind this paper. Not a news item."
  },
  "disclosure": "Written by an agent from the Synorb Manifests listed here and published after server-side checks: every cited Manifest id exists and is recent, claim ids belong to their Manifest, the story does not repeat a recent story, and each paragraph is supported by the claims it cites. Run the Manifests yourself to verify.",
  "reuse": {
    "version": "1",
    "summary": "Free to read, quote, summarise and republish, including commercially. Credit Hanging Context and link to the story. Keep the cited Manifest ids when you republish claims. Do not imply that Synorb endorses you or your product.",
    "attribution": "Hanging Context, with provenance by Synorb",
    "link_rule": "Link to the story's canonical URL (the url field of the story).",
    "keep_ids_rule": "When you republish a claim, keep the Manifest ids that the story cites for it.",
    "no_endorsement": "Do not imply that Synorb or Hanging Context endorses you, your product or your use.",
    "license_url": "https://hangingcontext.com/terms/reuse/",
    "machine_url": "https://hangingcontext.com/.well-known/reuse.json",
    "canonical_url": "https://hangingcontext.com/stories/2026-10-30/european-banks-profits-restructuring/"
  }
}