New York Community Bank Faces $6 Billion Deposit Exodus Amid Financial Struggles
Key Points: NYCB experiences a significant deposit outflow of $6 billion between February 5 and March 5, resulting in a 7% decline in its deposit base to $77 billion. The bank's stock sees heightened volatility, opening 13% higher on Thursday after a substantial decline of more than 40% on Wednesday. The bank reports an unexpected loss of $252 million in the last quarter, leading to a downgrade to junk status by Moody's and Fitch. NYCB responds to financial challenges by slashing its dividend to one penny per share, following a previous reduction in January. New York Community Bank (NYCB) has...