Shares of National City and Sovereign Bancorp plunged more than 70% in the last week.

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The firm also took a 5.1% position in Sovereign Bancorp, although that lender showed no such benefit.

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Last week, Sovereign Bancorp announced it was cutting 1, 000 jobs, while advertising giant Omnicom Group said it would cut 3, 000.

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The New York Stock Exchange ruled that the proposed acquisition of a 19.8% stake in Sovereign Bancorp by Banco Santander Central Hispano did not need the approval of Sovereign's shareholders.

ECONOMIST: The X-factor

She noted that Spain's Banco Santander might also be planning to do something with its 25.0% stake in Sovereign Bancorp, which has just gone on the hunt for fresh capital, but it was not clear what.

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Morningstar's Mr Callahan believes that one cause of Capital One's bid for North Fork may have been the purchase by Sovereign Bancorp, an east-coast bank, of Independence Community Bank, a rival to North Fork in and around New York.

ECONOMIST: A credit-card issuer buys��and becomes��a bank

She noted that Spain's Banco Santander (nyse: STD - news - people ) might also be planning to do something with its 25.0% stake in Sovereign Bancorp (nyse: SOV - news - people ), which has just gone on the hunt for fresh capital, but it was not clear what.

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