Banco Santander SA has closed down its UK-based equity research team as it shifts analysis of companies to its headquarters outside Madrid, according to two people familiar with the matter.

Four London-based analysts have left the lender, which had offered them the option of relocating to Spain, according to the people, who can’t be named because the matter isn’t public. The staff let go include Jason Kenney, head of pan-European oil coverage, and Rebecca McKinnon, who oversaw retail coverage.

A spokesperson for Santander declined to comment.

Although the bank had a small group of London-based analysts, the bulk of its research team works from its headquarters in Boadilla del Monte, outside the Spanish capital. Other analysts have already taken over some of the work carried out by the staff in the UK, while other areas of it remain without coverage for now.

Santander is in the midst of a drive to expand its investment banking division, as it seeks to bulk up its operations in the US in businesses such as financial advisory for energy and infrastructure deals. In recent weeks, the bank has hired several bankers in the country from Credit Suisse Group AG as it snares talent from the Swiss lender after its takeover by UBS Group AG.