Troubled lender NYCB seeks to reassure investors after 60% stock slide, Moody’s credit downgrade

Source: Yahoo! Finance

“New York Community Bancorp (NYCB) is attempting to reassure investors about its deposits, liquidity, and governance following a week-long plunge in the company’s stock and a decision by Moody’s to cut the bank’s credit rating to junk. The $116 billion commercial real estate lender put out a press release just before midnight ET on Tuesday night following the Moody’s downgrade showing total deposits were up since the end of 2023 and that its total liquidity of $37.3 billion exceeded its level of uninsured deposits. … Its stock has fallen by nearly 60% since it surprised Wall Street last Wednesday by slashing its dividend and reporting a net quarterly loss of $252 million. The price continued to slide by more than 13% after the market open today.” (02/07/24)