US banks fall after NYCB cash infusion news, Powell's inflation comments

Customers Bancorp

06/03/2024 17:43

(Updates)
    ** New York Community Bancorp  NYCB.N  slumps about 45%
before being halted again, after news that the embattled lender
is seeking a cash infusion and gauging investor interest
    ** Shares of U.S. banks were under pressure earlier in the
session after Federal Reserve Chair Jerome Powell said that
continued progress on inflation "is not assured", pushing back
the idea of imminent rate cuts 
    ** Powell says the central bank still expects to reduce its
benchmark interest rate later this year
    ** Bank of New York Mellon  BNY.N  and State Street  STT.N 
fall 0.6% and 1.6%, respectively
    ** Customers Bancorp  CUBI.N , Zions Bancorporation
 ZION.O , Comerica  CMA.N , M&T Bank  MTB.N , Banc of California
 BANC.N , Huntington Bancshares  HBAN.O , Regions Financial
 RF.N , Fifth Third Bancorp  FITB.O , KeyCorp  KEY.N , US
Bancorp  USB.N , Valley National Bancorp  VLY.O , and Citizens
Financial Group  CFG.N  down between 1% and 5.5% 
    ** KBW Regional Banking Index  .KRX  down 2.7%

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))