NYCB shares jump 30% after CEO gives two-year plan for 'clear path to profitability'
Publishing timestamp: 2024-05-01 11:26:41
Summary
NYCB posted a quarterly loss of $335 million due to soured commercial loans and higher expenses, but the stock surged on new performance targets set by the CEO. The bank plans to improve profitability and capital levels by 2026, with a focus on reducing exposure to office and multifamily loans. Analysts were relieved by the results and targets set by the bank.
Sentiment: MIXED
Tickers: NYCB,
Keywords: earnings, steven mnuchin, banks, investment strategy, breaking news: investing, breakingnewsglobal, breaking news: markets, wall street, breaking news: earnings, business news, new york community bancorp inc,