 Spains Santander reported a record net loss of 11.1 billion euros 13 billion in the second quarter, taking the biggest hit yet for a European bank dealing with the coronavirus crisis which it tried to offset with lower costs. Santanders core markets spanning Brazil to Spain have been some of the hardest hit by the pandemic, with weaker emerging market currencies exacerbating the pain. Of the total impairments, 10.1 billion euros are related to goodwill and 2.5 billion euros to DTAs, an instrument that grants tax breaks to companies when reporting losses or against certain provisions. 