Japanese Bank Aozora Issues Warning and Cuts US Office Building Loans
Aozora Bank cuts the value of its U.S. office loans by over 50% due to adverse conditions in the market, while New York Community Bancorp's stock plummets after a surprise loss and dividend cut. Deutsche Bank also increases provisions for commercial real estate, particularly in the U.S. office sector, as the bank warns of potential credit-loss provisions in 2024. BNP Paribas shares also slump as the French banking giant cuts its longer-term profit forecast.