Magazine : Archives : 1st Quarter 2009
Sidhu’s View
Jay Sidhu knows a thing or two about building a banking franchise during a crisis. In 1989, at the peak of the savings-and-loan debacle, the Indian émigré took the helm of a struggling $400 million thrift in Wyomissing, Pennsylvania, and—largely by dint of some 30 acquisitions—transformed it into $80 billion Sovereign Bancorp. Along the way, Sidhu, who resigned as Sovereign’s chairman and CEO in 2006, displayed a knack for ruffling feathers. Some critics viewed him as a serial acquirer. Others thought he was too combative with investors, who never assigned Sovereign the valuations Sidhu thought it deserved. A rough patch...
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