On Thursday, February 1, 2024, the New York Community Bank (NYCB) headquarters in Hicksville, New York, US, was featured in an image by Bing Guan | Bloomberg | Getty Images.
Following a two-notch downgrade of the bank’s credit ratings to junk by Moody’s Investors Service, New York Community Bank promoted its chairman to stabilize its operations. The stock initially dropped by 13% on Wednesday morning but rebounded to an 8% increase in the afternoon, after falling by more than 20% on Tuesday.
Effective immediately, Alessandro DiNello was made executive chairman, transitioning from nonexecutive chairman, to collaborate with CEO Thomas Cangemi in enhancing all aspects of the Bank’s operations. The regional bank has experienced a significant decline, losing nearly 60% of its market value after reporting a surprise fourth-quarter loss, mounting losses on commercial real estate, and reducing its dividend by 71% to bolster capital.
Source: www.cnbc.com
Published: 2024-02-07 14:59:24