Currencies34188
Market Cap$ 4.08T+2.79%
24h Spot Volume$ 89.76B-12.8%
DominanceBTC57.37%-0.76%ETH11.09%+1.53%
ETH Gas0.29 Gwei
Cryptorank

New York Bank Reportedly in Crisis Mode – Stock Frozen After 40% Nosedive As Lender Tries to Raise Cash

A New York bank with $113.9 billion in assets is reportedly in trying to raise cash as its stock nosedives 40% in a matter of hours.

New York Community Bank’s (NYCB) stock fell so far so fast that trading was halted “pending imminent news,” according to multiple reports.

The Wall Street Journal says the bank is now looking to “gauge investors” and see if anyone is interested in buying equity in the company.

Last week, NYCB shocked investors by revealing a $2.4 billion loss, stating it had found “material weakness” in its risk management practices.

The company announced an upper management shuffle and the replacement of its CEO.

The lender is struggling under the weight of its extensive commercial real estate exposure and its acquisition of a significant portion of Signature Bank, which collapsed in March of last year.

NYCB’s stock had already fallen over 50% in the last two months – then it fell 23% on Monday, reaching its lowest level since 1996.

That was all before today’s 40% plunge.

The bank’s woes have renewed concerns about the health of the banking industry as a whole and regional banks in particular, which are facing pressure from the Federal Reserve’s sustained interest rate hikes.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post New York Bank Reportedly in Crisis Mode – Stock Frozen After 40% Nosedive As Lender Tries to Raise Cash appeared first on The Daily Hodl.

Read the article at The Daily Hodl

Read More

$10,000 To Be Handed To US Bank’s Customers After ‘Extraordinary Losses’ Allegedly Triggered by Data Breach

$10,000 To Be Handed To US Bank’s Customers After ‘Extraordinary Losses’ Allegedly Triggered by Data Breach

A US bank has agreed to pay up to $10,000 to customers affected by an alleged data br...
Citi’s Bullish Bitcoin Outlook: $135,000 by 2025’s End

Citi’s Bullish Bitcoin Outlook: $135,000 by 2025’s End

Citigroup projects bitcoin could reach $135,000 by the end of 2025 in its base-case s...

New York Bank Reportedly in Crisis Mode – Stock Frozen After 40% Nosedive As Lender Tries to Raise Cash

A New York bank with $113.9 billion in assets is reportedly in trying to raise cash as its stock nosedives 40% in a matter of hours.

New York Community Bank’s (NYCB) stock fell so far so fast that trading was halted “pending imminent news,” according to multiple reports.

The Wall Street Journal says the bank is now looking to “gauge investors” and see if anyone is interested in buying equity in the company.

Last week, NYCB shocked investors by revealing a $2.4 billion loss, stating it had found “material weakness” in its risk management practices.

The company announced an upper management shuffle and the replacement of its CEO.

The lender is struggling under the weight of its extensive commercial real estate exposure and its acquisition of a significant portion of Signature Bank, which collapsed in March of last year.

NYCB’s stock had already fallen over 50% in the last two months – then it fell 23% on Monday, reaching its lowest level since 1996.

That was all before today’s 40% plunge.

The bank’s woes have renewed concerns about the health of the banking industry as a whole and regional banks in particular, which are facing pressure from the Federal Reserve’s sustained interest rate hikes.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post New York Bank Reportedly in Crisis Mode – Stock Frozen After 40% Nosedive As Lender Tries to Raise Cash appeared first on The Daily Hodl.

Read the article at The Daily Hodl

Read More

$10,000 To Be Handed To US Bank’s Customers After ‘Extraordinary Losses’ Allegedly Triggered by Data Breach

$10,000 To Be Handed To US Bank’s Customers After ‘Extraordinary Losses’ Allegedly Triggered by Data Breach

A US bank has agreed to pay up to $10,000 to customers affected by an alleged data br...
Citi’s Bullish Bitcoin Outlook: $135,000 by 2025’s End

Citi’s Bullish Bitcoin Outlook: $135,000 by 2025’s End

Citigroup projects bitcoin could reach $135,000 by the end of 2025 in its base-case s...