Sovereign Bancorp Inc. reiterated its earnings per share guidance for the second quarter this week.
Speaking at the Lehman Brothers Financial Services Conference, Jay S. Sidhu, chairman, president and CEO of Sovereign said, “Based on a solid start to the second quarter, we reiterate our guidance of between $.31 and $.32 earnings per share for the quarter. We also reiterate guidance for 2002 at between $1.25 and $1.30 operating earnings per share and $1.45 to $1.50 cash earnings per share.”
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Separately, the company reported that Sovereign Bank has zero exposure to the base metals fraud that was reported Tuesday and affected several large banks in the United States and abroad. The story alleged that a group of men masterminded a scheme to defraud a group of large banks which is likely to result in over $600 million of fraud-related losses for those institutions.
