Sovereign Bancorp to take $1.6bn writedown
Sovereign Bancorp, the Philadelphia-based bank in which Grupo Santander of Spain has a 25 per cent stake, said it expected to take a $1.6bn writedown in the fourth quarter based on higher customer loan defaults and the decline in value of its investment in a New York savings and loan institution.
US Bancorp today reported net income of $766 million for the second quarter of 2010, or $.45 per diluted common share.