Sovereign Bank is declaring Boston its official headquarters, a move that anchors the regional bank into the city’s financial services landscape.
Ever since Sovereign Bank bought 300 branches from FleetBoston Financial 11 years ago, the Pennsylvania bank has grown in New England. For years now, the company has basically run dual headquarters — company headquarters in Pennsylvania and corporate headquarters in Massachusetts. Most executives live here.
Now Sovereign is hoisting its flag solely in Boston. The move is more symbolic than structural. Few jobs are expected to be added in Boston anytime soon.
Still, city leaders are encouraged that Sovereign is cementing its presence in Boston. Though other banks have more branches in Massachusetts, Sovereign will now be the largest retail bank headquartered in the Bay State.
This program aired on August 16, 2011. The audio for this program is not available.