NYCB to cut 1,900 jobs, shares tracking sector decline

Mr Cooper

18/10/2024 17:00

** New York Community Bancorp  NYCB.N  shares down about 2%,
tracking weakness in regional banking sector index
    ** KBW regional index  .KRX  down 1.4%
    ** Flagstar Bank late on Thursday said that it would cut
around 700 jobs and an additional 1,200 jobs will be cut after
it completes the sale of its mortgage servicing unit to non-bank
mortgage platform Mr Cooper  COOP.O 
    ** Earlier in the week the embattled lender said it would
rename itself as Flagstar Financial 
    ** NYCB has been under pressure since January, when it
reported increased stress in its commercial real estate
portfolio and rekindled concerns over the health of the banking
sector
    ** These actions are likely 'necessary' for the company to
meet its previously established projections of reducing costs,
Piper Sandler analysts said in a note
    ** Including session's moves stock is down ~60.4%, YTD
    

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))