NYCB Shares Plummet Due to Loan Review Disclosure Impact on CRE Exposure

Friday, 1 March 2024, 10:43

NYCB's stock faced a significant drop as the bank disclosed weaknesses in oversight and risk assessment, leading to a detailed remediation plan to be shared soon. The quarterly loss was revised to a much higher amount due to goodwill impairment tied to older transactions. With over $4 billion in losses, NYCB is navigating challenges in its financial performance.

https://store.livarava.com/2b06a790-d7bf-11ee-b8b2-5254a2021b2b.jpe — NYCB Shares Plummet Due to Loan Review Disclosure Impact on CRE Exposure

NYCB Stock Plunges on Loan Review Update

The weaknesses were related to ineffective oversight, risk assessment and monitoring activities, the bank said.

NYCB revised the quarterly loss to 10 times higher than what it had stated, citing goodwill impairment tied to transactions from 2007 and before.

It has already lost more than $4 billion since its earnings report.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

NYCB Stock Plunges on Loan Review Update

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