Word: costes
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...Davide Serra, head of the U.K.'s Algebris hedge fund. The system facilitates cross-selling to existing customers while allowing Santander to cut back-office staff drastically (Santander never cuts the flesh pressers out front). In Abbey's case, total employees dropped from 25,331 to 16,489, while costs have come down from 70% of income to around 40%, in line with Santander's overall cost-to-income ratio. The average cost-to-income ratio in this sector of the U.K. banking business is 55%. Those cost savings translate into lower lending rates, which has allowed Abbey to regain...
...rather be profitable than interesting. Santander's U.K. profits for the first half of 2009 were up 33% from the year before, if you don't count acquisitions, and almost 63% if you do. It remains to be seen if Santander can work similar magic at Sovereign. Inciarte says cost-to-income at the U.S. bank has already fallen from 65% to 57%, but that getting down to 40% "will take us quite a while." (See pictures of the Federal Reserve...
...This article originally stated that the Bernard Madoff scandal cost Santander $648 billion at current exchange rates. It was $648 million...
GERALD LEVIN, former Time Warner chairman, taking the blame for the 2000 merger with AOL--"the worst deal of the century, apparently"--which cost shareholders billions of dollars...
...reportedly just 33 U.S. air marshals left. Following 9/11, Congress reportedly pushed that number to 4,000, but as the years passed, skepticism returned. One critic, Representative John Duncan Jr. of Tennessee, noted that since 2001, the agency has averaged slightly more than four arrests a year--at a cost per arrest of around $200 million. There were no air marshals aboard Flight 253 on Dec. 25, but that may not have mattered: civilians, after all, took down the would-be bomber themselves...