Saturday, May 2, 2009

News for Saturday

Buffett Dismisses Bank Stress-Test Claiming Higher Equity And Earnings Power

Sovereign Bank - Cutting Jobs
For those of you that don't know much about Sovereign Bank:

Sovereign Bank offers a broad array of financial services, including retail, business, and corporate banking; cash management; capital markets; wealth management; and insurance. Its roots reach back to 1902, when it was established as a building and loan association helping Pennsylvania textile workers become homeowners. Sovereign successfully expanded into New England in 2000, and the New York area in 2006. The expansion into New England included approximately $12 billion in deposits, $8.1 billion in loans, 281 branches, and 550 ATMs from FleetBoston Financial, which was the largest branch acquisition in banking history. Today, Sovereign offers more than 750 branches and 2,300 ATMs from Maine to Maryland. In 2005, Sovereign and Santander established a strategic partnership, and on January 30, 2009, Sovereign joined Santander Group, adding its successful U.S. franchise to Santander's global strength. Founded in 1857, Santander has a successful history in retail and commercial banking, and has grown to become one of the 5 largest banks in the world by profit.Sovereign Bank is now a subsidiary of Banco Santander, but will continue to operate under the same name for the time being.

Well of course Warren "likes" Wells Fargo - he owns them.

Berkshire’s Buffett Calls Wells Fargo ‘Fabulous’ Bank

Wells Fargo - Keeps people employed in St. Louis

Any readers work there? Comment below.

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