Regional New York Bank Craters: Is This Is The Canary In The Fed's QT-Ending Coalmine?

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by Tyler Durden
Wednesday, Jan 31, 2024 - 06:11 PM

The price of shares in New York Community Bancorp - the regional bank that purchased deposits from Signature Bank last year - are crashing this morning, below SVB crisis lows, after reporting a surprise loss for the fourth quarter and a cut to its dividend.

As Bloomberg reports, the bank lowered its quarterly payout to shareholders to 5 cents. Analysts had predicted the dividend would remain at 17 cents. A worsening credit outlook contributed to the unexpected loss, as the company boosted its loan-loss provision more than expected.