June 22, 2024

Political Commentary

News Politics Business Sports

Embattled New York Community Bancorp gets $1 billion cash infusion, adds Steven Mnuchin to its board

2 min read

Article content

NEW YORK (AP) — Embattled New York Community Bancorp announced a lifeline of more than $1 billion from a group of investors on Wednesday, after seeing its stock plunge by more than 80% this year.

The announcement sent shares of the bank, which has been hammered by weakness in commercial real estate and growing pains resulting from its buyout of a distressed bank, on a wild ride. After nearly halving early in the day, the stock surged nearly 30% after the announcement, only to give it all up and then swivel before ending with a gain of 7.5%.

Advertisement 2

The Associated Press

2024-03-06 16:42:21

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator


Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.