NYCB Stock Plummets Amid Credit Downgrades and Internal Issues
New York Community Bank faces severe challenges as shares hit their lowest level since 1996, following a series of credit downgrades and the revelation of material weaknesses in internal controls.
- Shares of New York Community Bank (NYCB) fell 23% on Monday, reaching their lowest point since 1996 after a tumultuous week.
- Fitch Ratings and Moody’s Investors Service downgraded NYCB’s debt to junk status, exacerbating the bank's struggles.
- The bank announced a $2.4 billion loss to shareholders last quarter, attributing it to 'material weakness' in the company’s controls.
- NYCB delayed its annual financial disclosure amid efforts to address identified issues, drawing parallels to First Republic Bank's pre-failure actions.
- Despite the sell-off, NYCB attempted to reassure depositors and investors by noting that deposits had slightly increased in the last quarter of 2023.
CNN 
Benzinga 