NEW YORK — For decades, Puerto Rican bank-holding company Popular Inc. has looked at the U.S. mainland as an engine of growth, but the mortgage and capital-markets crisis has turned that strategy into a liability.

For almost two years, Popular has been working on a turnaround, at first carefully exiting some consumer-finance businesses that were hurting, but then making bolder restructuring moves such as asset sales and downsizing staff. Meanwhile, losses continued to balloon as the capital-markets crisis worsened and the economy deteriorated.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.