Santander Holdings USA restates cash flow statements for 2021 quarters; material weakness found

Santander Holdings USA, Inc.

Misclassification of $1.1B, $900M, $800M in operating vs. investing cash flows for Q1, H1, 9M 2021.
Management and Audit Committee determined on Feb 25, 2022 that prior financials should not be relied upon.
Errors had no impact on balance sheet, income statement, regulatory capital, or key performance metrics.
Material weakness in internal controls identified; CEO and CFO concluded controls ineffective as of each period.

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