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Seeking Alpha (Free subscription) | 05/10/2008
Which beaten down European bank shares look enticing in this environment? Barron's likes Banco Santander Central Hispano (STD), citing its reputation as a savvy acquirer-- despite a (so far) money-losing 25% stake in Sovereign Bancorp (SOV). The bank is scooping up valuable distressed assets, and its $15.60 shares are trading at just 6.5 times expected 2009 earnings. Other bargains: Royal Bank of...
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CEOWORLD Magazine (Free subscription) | 02/10/2008
That’s repulsive. Getting 8.4 million dollars for running an underperforming bank? How can I get that sweetheart deal? And people wonder why there’s no confidence in Wall Street? Eventually it’ll poll lower than Congress, if that’s possible. Sovereign Bancorp Inc. CEO Joseph P. Campanelli stands to pocket at least $8.4 million from a golden parachute [...]
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The Boston Business Journal (Free subscription) | 02/10/2008
Ousted Sovereign Bancorp Inc. CEO Joseph Campanelli stands to pocket at least $8.4 million from a golden parachute that rewards him with two years’ salary, bonus pay and an enhanced retirement plan, U.S. regulatory filings show.
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Business Week (Free subscription) | 01/10/2008
Late yesterday, Reliant Energy () lowered retail contribution margin outlook for 2008 by $300-$350 million as result of effects of Hurricane Ike, including reduced sales volumes, sale of excess supply during this time, updates to retail pricing assumptions, increased storm-related operating costs. Says third quarter results hurt by mild weather, reduced off-peak prices. Estimates 2008 open wholesale...
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Footnoted.org (Free subscription) | 01/10/2008
Yesterday, Sovereign Bancorp (SOV), a 750-branch bank focused on the Northeast corridor that’s had its share of troubles, announced a series of management changes, including the departure of its CEO, Joseph P. Campanelli by the end of the day. The release, as these sorts of things always do, noted that Campanelli was leaving to “pursue [...]
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DealBook (Free subscription) | 01/10/2008
Sovereign Bancorp, the largest remaining U.S. savings and loan, has hired Paul Perrault as chief executive, replacing Joseph Campanelli, who had held the job less than two years. The Philadelphia-based lender was also upgraded by two analysts, and its shares soared, recovering some of their 71 percent decline on Monday. In afternoon trading, the shares were [...]
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Philadelphia Inquirer (Free subscription) | 01/10/2008
Sovereign Bancorp Inc. yesterday regained a quarter of the $4 billion in market value it lost Monday, as the bank replaced its chief executive officer and assured investors and depositors that it was in solid shape.
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Business Week (Free subscription) | 01/10/2008
S&P Picks and Pans: Genworth, Sovereign Bancorp, TimkenAnalysts' opinions on stocks in the news Tuesday From S&P MAINTAINS HOLD RECOMMENDATION ON SHARES OF GENWORTH FINANCIAL (; 6.09): GNW says it is considering strategic alternatives for its U.S mortgage insurance business, including a potential spin-off. The company also reiterated its favorable view of a sound financial position and available capital....
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Globe and Mail (Free subscription) | 01/10/2008
Shares of Sovereign Bancorp Inc., the second-largest U.S. savings and loan, rose almost 70 per cent yesterday as the bank named former Chittenden Corp. top executive Paul Perrault to replace Joseph Campanelli as chief executive officer, effective Jan. 3. As part of the shift, Sovereign's chief financial officer - and former Chittenden CFO - Kirk Walters will take the additional title of chief administrative...
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Law Blog - WSJ.com (Free subscription) | 01/10/2008
Moody's Investors Service cut its credit ratings on Sovereign Bancorp because of sizable charges from the bank's exposure to Fannie Mae and Freddie Mac preferred stock and the loss taken on the sale of its $750 million portfolio of collateralized debt obligations.
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The Boston Business Journal (Free subscription) | 30/09/2008
Sovereign Bancorp Inc.’s new chief executive will receive an annual base salary of $800,000, plus 200,000 shares of restricted stock and rights to buy another 1 million shares, according to regulatory filings.
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Business Week (Free subscription) | 30/09/2008
All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Any advice, analysis, or recommendations contained in articles labeled "Insight...
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The Boston Business Journal (Free subscription) | 30/09/2008
Sovereign Bancorp Tuesday led a recovery of stocks for companies based in Massachusetts or that have a strong presence in the state. Following the departure of its CEO, Sovereign shares rose $1.62, or 70 percent, to close at $3.95.
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The Boston Business Journal (Free subscription) | 30/09/2008
Sovereign Bancorp (NYSE:SOV) shares were trading up $2.49, or 106 percent, at $4.82 at about 2 p.m. Tuesday, leading a recovery that included most stocks of companies based in Massachusetts or with significant operations in the state. (SOV) (STT) (BPFH)
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The Philadelphia Business Journal (Free subscription) | 30/09/2008
Sovereign Bancorp Inc. (NYSE:SOV), parent company of Sovereign Bank, on Tuesday announced it has named Paul A. Perrault president and CEO, effective Jan. 3. (SOV) (SOV)
