NYCB cuts dividend as it implements $1B rescue plan
03/08/2024 04:32
New York Community Bancorp (NYCB) has taken drastic measures to address the challenges it faces, slashing its dividend to just 1 cent per share. This move comes after the regional bank reported losses of 7% of its deposits, a significant blow to its liquidity position. Coupled with the appointment of a new CEO on Wednesday, NYCB announced it has secured a $1 billion capital infusion from private investment groups. Yahoo Finance's Julie Hyman and Josh Lipton break down the details. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
New York Community Bancorp (NYCB) has taken drastic measures to address the challenges it faces, slashing its dividend to just 1 cent per share. This move comes after the regional bank reported losses of 7% of its deposits, a significant blow to its liquidity position.
Coupled with the appointment of a new CEO on Wednesday, NYCB announced it has secured a $1 billion capital infusion from private investment groups.
Yahoo Finance's Julie Hyman and Josh Lipton break down the details.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith