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Regional Banking

All articles tagged with #regional banking

finance1 year ago

NYCB Stock Plummets as CEO Exits and Loss Balloons to $2.7 Billion

New York Community Bancorp's stock plummets over 20% after replacing CEO Thomas Cangemi due to "material weaknesses" in internal controls related to internal loan review. The bank, with over $116 billion in assets, is reviewing recent financial reporting. Alessandro DiNello will succeed Cangemi as CEO, while several firms cut price targets on NYCB shares. The broader markets remained higher despite the disclosures, which come ahead of the anniversary of the collapse of Silicon Valley Bank last March.

via Fox Business|
#ceo-replacement#finance#internal-controls
finance2 years ago

PacWest's $2.6B real estate loan sale boosts shares.

PacWest Bancorp's shares rose nearly 13% after the lender announced it would sell $2.6 billion worth of its loan portfolio to Kennedy-Wilson Holdings at a discount of nearly $200 million. The deal is expected to help the bank build its common equity tier 1 capital. The news also lifted the shares of other regional lenders, with the KBW Regional Banking Index and the S&P Regional Banks Index each gaining more than 2%.

via Reuters|
#finance#kennedy-wilson-holdings#loan-portfolio-sale
finance2 years ago

Disney's Streaming Losses Drag Down Dow and S&P 500.

The Dow and S&P 500 were dragged down by a drop in Disney shares after the company reported a fall in subscriber growth, while PacWest's latest woes sparked another rout in the regional banking sector. PacWest Bancorp plunged 24% after it reported a drop in deposits last week and pledged an additional $5.1 billion of its loans to the central bank. The KBW Regional Banking Index slid 1.6%, hitting a one-week low on an intraday basis, while eying a four straight session of loss.

via Yahoo Finance|
#disney#dow-jones#finance
finance2 years ago

Market Reacts to Inflation Data and Regional Banking Concerns, Disney Earnings and Jobless Claims.

US stock futures were mixed as new inflation data came in cooler than expected and regional banking concerns continued to weigh on markets. PacWest reported deposit outflows in May, causing its stock to slump 20%. Disney's Q1 earnings were slightly weaker than expected, but price increases for Disney+ helped offset a lower-than-expected subscriber number. Robinhood reported better-than-expected revenue in Q1 and announced it will be launching 24-hour trading services for certain securities. Producer price increases for April came in cooler than economists had expected.

via Yahoo Finance|
#disney#finance#inflation-data