"NYCB's Stock Plummets Amid Turmoil and Credit Downgrades"
TL;DR Summary
New York Community Bancorp's shares continued to plummet after receiving credit downgrades from Fitch Ratings and Moody’s Investors Service, leading to concerns about increased borrowing costs. The stock fell as much as 17% and is now trading at its lowest level since 1996. The bank's troubles began after replacing its CEO and disclosing "material weaknesses" in tracking loan risks. Despite NYCB's decline, bank stocks more broadly are performing well, with the KBW Bank Index gaining as much as 2.8% on Monday.
- NYCB Shares Extend Selloff After New Round of Credit Downgrades Yahoo Finance
- NYCB’s stock continues its slide even despite one analyst’s vote of confidence MarketWatch
- New York Community Bancorp sinking on new turmoil within the company CNBC
- Signs of Trouble at Regional Banks Reignite Sector Fears The Wall Street Journal
- Who is NYCB's new CEO? Fortune
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