Financials drop 8.2% on prediction of low rates through 2022 and dim economic outlook; the largest mortgage originator and a top challenger to traditional lenders has filed what may end up being the year's largest initial public offering.

The deal was expected to close this summer, but First BanCorp said a regulatory review is hitting snags.

The two lenders are being more aggressive than other European banks in putting a price on the economic devastation caused by the coronavirus outbreak.

Banco Santander has launched a new standalone international money transfer service called PagoFX in the U.K. to compete with fintechs.

The Fed announced several new lending facilities and virtually “unlimited” purchases of Treasury bonds; Ana Botín will donate the money to a coronavirus fund.

Habis, who joins the bank from MUFG Union Bank, will replace Michael Cleary, who left Santander last fall and recently joined Wells Fargo.

Banco Santander’s global digital transformation has led it to Mexico, where the bank has agreed to acquire U.S. Bancorp’s Elavon Mexico merchant acquiring unit for about $84 million.

Trish Burgess, who helped lead Apple Card and Apple Pay, will lead P2P payments at Banco Santander, which is spending $22 billion on digital projects over the next four years.

Michael Cleary will report to Scott Powell, who had been his boss at Santander Bank.

Profits at big banks are expected to be up versus a year ago but down from the third quarter; add antiquated systems to the bank’s many problems.