"Banks Brace for Real Estate Crisis Amid 'Zombie Offices' and Investor Fears"
TL;DR Summary
Banks like NY Community Bancorp (NYCB), PBB, and Aareal are feeling the impact of the real estate crisis, with NYCB being downgraded to junk status by Moody's and bonds of PBB and Aareal plummeting due to their exposure to US commercial real estate. The aftermath of the collapse of Credit Suisse in March 2023 is indicating a longer-lasting banking crisis, following the downfall of other banks such as Silicon Valley Bank and Signature Bank in the US.
- From NY Community Bancorp to PBB the Real Estate Crisis Is Hitting Banks Bloomberg
- NYCB Problems Fuel Investor Fears: Should I Worry About Commercial Real Estate? Bloomberg
- 'Zombie Offices' Spell Trouble for Some Banks The New York Times
- How empty office space became the new bogeyman on Wall Street CNN
- New York Community Bank's troubles threaten a new crisis Semafor
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