NYCB stock plunges 38%, reigniting fears for regional banks

(Image: WSJ)

Fri, 02 Feb 2024

By Gina HeebShares of New York Community Bancorp (NYCB) plummeted 38% Wednesday after the company swung to a fourth-quarter loss and slashed its dividend to shore up capital following its purchase of the assets of the collapsed Signature Bank.The company swung to a loss of US$252 million (NZ$410.7m), or US36 cents a share, at the end of December. That was compared with a profit of US$172m, or US30 cents a share, in the same period a year earlier. Analysts expected earnings of US27 cents a share for the fourth quarter.Loan losses surged, and the...

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