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Sovereign Bank Warns on $1.58 Billion
Jan 14, 2008Sovereign Bancorp, Inc. said Monday that it will take an eye-popping total of $1.58 billion in fourth-quarter charges, citing “continued volatility in the financial markets and deterioration in the credit environment.” The bulk of the charges will come in the form of goodwill impairments at the nation’s 18th largest bank, with Sovereign recording a $600 million charge related to automobile financing and an $800 million charge related to one of the company’s banking subsidiaries. From the press statement:
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