New York Community Bancorp tumbles 40% and is halted as troubled bank reportedly seeking cash infusion
Publishing timestamp: 2024-03-06 12:54:24
Summary
Shares of NYCB fell over 40% as reports emerged that the regional bank is seeking a cash infusion to shore up its balance sheet. The bank has faced a turbulent start to the year, with credit rating downgrades, internal control weaknesses, and a CEO replacement. Questions surrounding NYCB's stability are reminiscent of other regional banks that failed in 2023 due to higher interest rates impacting their Treasury holdings and depositors moving their accounts elsewhere.
Sentiment: NEGATIVE
Tickers: NYCB,
Keywords: business news, new york community bancorp inc, breaking news: markets,