Skip to content
Link copied to clipboard

Sidhu: Customers Bank cost cuts will boost profits

Pumps up 2015 profit guidance

Shares of Customers Bancorp, the $6.5 billion-asset Wyomissing-based bank headed by ex-Sovereign Bank boss Jay S. Sidhu, rose in trading this morning after the company boosted its per-share earnings guidance for next year to $1.95-$2 a share, from a previous target of $1.75-$1.80.

Earlier this year, Customers boosted its 2014 estimate to $1.53, from $1.49. The bank grew previously from acquisitions; Sidhu has promised a slowdown in spending, and says he will instead offer a "high tech strategy to provide quality services... at a lower cost." The bank has not yet reached its goal of a 12 percent return on equity, he added in a statement.