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

Reuters

Oct 19, 2024

** New York Community Bancorp shares down about 2%, tracking weakness in regional banking sector index

** KBW regional index 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

** 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;))

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