By Niket Nishant and Manya Saini (Reuters) -New York Community Bancorp’s shares rose about 6% before the bell on Wednesday after the lender agreed to sell a portfolio of about $5 billion in mortgage warehouse loans to JPMorgan Chase. The deal on Tuesday with the largest U.S. bank by assets will bolster NYCB’s liquidity as
By Niket Nishant and Manya Saini (Reuters) – New York Community Bancorp will have to lure buyers for its commercial real estate (CRE) loans with steep discounts and diversify its revenue as it races to shore up its finances. The bank’s new management has promised to unveil a turnaround plan this month after losses on
A month after shaking the regional bank industry with a surprise provision for loan losses, New York Community Bancorp rattled nerves again by announcing a $2.4 billion December quarter earnings hit. At the same time, it said it identified “material weaknesses” in its loan review process and abruptly changed CEOs, causing its stock to tumble. The bank
New York Community Bancorp reported a surprise loss as it wrote down bad real estate loans, sending its stock tumbling Wednesday and dragging down the share prices of regional banks across the country. “This was a major negative surprise,” Jon G. Arfstrom, an analyst at RBC Capital Markets, said in a Wednesday note. New York