Western Europe Central & Eastern Europe Asia Latin America
|
| Best M&A/restructuring |
| Providian |
|
Date: November 2001 to July 2002 Advisers: Goldman Sachs, Salomon Smith Barney |
|
Credit card squeeze: worst S&P 500 |
Providian was the worst performer in the S&P 500 for 2001. Having stood at $59.20 at the end of June, the share price for the US credit card company hit a low of $2.01 at the start of November – a decline of almost 97%.
The problems first manifested themselves when the company reported in its second-quarter earnings in July 2001 that it had been forced to increase write-offs for bad loans.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
