New York Community Bancorp (NYCB) appoints Alessandro DiNello, the former CEO of Flagstar Bank, as its executive chairman. This comes as the regional bank's credit rating was cut to Junk by Moody's. Yahoo Finance Live monitors NYCB's stock, which has fallen nearly 60% in 2024. 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 Luke Carberry Mogan.
New York Community Bancorp (NYCB) appoints Alessandro DiNello, the former CEO of Flagstar Bank, as its executive chairman. This comes as the regional bank's credit rating was cut to Junk by Moody's. Yahoo Finance Live monitors NYCB's stock, which has fallen nearly 60% in 2024.
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 Luke Carberry Mogan.
Reuters
Shares rose about 8.6% before the bell, stemming a selloff after the lender last week disclosed huge provisions tied to likely sour loans from the commercial real estate segment, posted a surprise quarterly loss and slashed dividend payout. The bank last year said DiNello was made a non-executive chair of the bank for two years following the merger of Flagstar in December 2022 where he was CEO for nearly a decade.
Barrons.com
Moody’s downgraded New York Community Bancorp’s debt to junk late Tuesday, adding to the regional lender’s woes after shares slipped to the lowest since 1997. NY Community Bancorp stock was up 5% in premarket trading Wednesday to $4.40 after plunging 22% in Tuesday’s session. The bank is still reeling from its earnings report last week, in which NYCB said it had booked wider-than-expected loan losses and cut the dividend.
Associated Press Finance
Beijing on Wednesday replaced the head of the China Securities Regulatory Commission in an apparent effort to restore confidence in the stock market following major losses in domestic share prices. A brief statement from the official Xinhua News Agency said Wu Qing, a banking industry veteran and former vice mayor of the financial hub of Shanghai, was taking the Communist Party and government positions formerly held by Yi Huiman. The markets in Shanghai and its smaller partner in Shenzhen near Hong Kong have languished on heavy selling of property shares, which are undergoing major uncertainty with a plunge in the real estate market.
Bloomberg
(Bloomberg) -- CLS, the world’s largest foreign-exchange settlement firm, is racing to figure out a way to get the $7.5 trillion-a-day currency market ready for a huge change to trading in US stocks.Most Read from BloombergTrump Denied Immunity in DC Election Case by Appeals CourtChina Replaces Top Markets Regulator as Xi Tries to End RoutHaley Loses Nevada Primary to ‘None of These Candidates’ OptionXi to Discuss China Stocks With Regulators as Rescue Bets BuildWall Street Snubs China for India