CryptoCurrency
Another bad quarter for NYCB shows CRE problems are not yet behind banks
Regional lender New York Community Bancorp (NYCB) offered a new reminder Friday that commercial real estate problems are not totally in the rear-view mirror of US banks.
The Hicksville, N.Y.-based regional lender posted higher loan loss provisions and loan write-offs in the third quarter than Wall Street expected. It also reported its fourth consecutive quarterly loss, of $280 million, and delayed its goal of turning profitable by a year to 2026.
Its stock was down more than 8% Friday morning. As of Friday morning, it has fallen 66% since the beginning of the year.
NYCB is a big lender to office buildings and rent-regulated apartment complexes, especially in New York City. With $114 billion in assets, it is one of the country’s 30 largest banks.
Its stock began plummeting in January after the bank set aside more money for real estate loan losses related in part to those apartment complexes in the New York City area.
NYCB was able to calm the market with an emergency equity infusion from a group that included former Treasury Secretary Steven Mnuchin. A new team began cutting the bank’s exposure to commercial real estate while selling businesses, cutting costs, and laying off employees.
Earlier this year, the bank pledged as part of its turnaround it would turn a profit or break even in 2025.
But on Friday, the bank pushed that forecast to 2026 while also lowering what it estimates it will earn in that breakthrough year.
“The company is making a seismic change, and that commercial bank is going to be better in 2026 and 2027 from a profit and structure and franchise value perspective,” Janney analyst Chris Marinac told Yahoo Finance. “It’s simply going to be more expensive for them to make the transition in 2025.”
NYCB is not the only bank still working its way through commercial real estate burdens.
Wells Fargo (WFC) CEO Charlie Scharf said on Thursday that his bank may lose $2 billion to $3 billion on its commercial real estate office loan portfolio and that the problems are expected to play out over the next three to four years.
“We’re going to lose $2 to $3 billion, it’s a lot of money,” Scharf said at an event in Washington Thursday. “On the other hand, we’ve reserved for all of it.”
Two weeks ago, Wells Fargo disclosed that it had an allowance of $2.42 billion for future credit losses.
Scharf said concerns about commercial real estate are waning, however, as interest rates start to come back down, and that most of the problems are concentrated among office buildings that are emptier than they were pre-pandemic
As institutional interest in Bitcoin soars, the crypto community grapples with fundamental questions about custody and control.
Developing crypto regulations, along with a political shift toward cryptocurrencies, is a “very positive direction” for the industry, according to Changpeng Zhao.
With the US presidential elections nearing and no clear frontrunner, uncertainty looms over what effect the victor will have on the crypto sector.
It’s Bitcoin White Paper Day, but it’s also Halloween. Here are Cointelegraph’s six crypto mysteries to share around the campfire.
Bitget Wallet’s Telegram Mini App, Bitget Wallet Lite mini, has attracted more than six million users in just three days after its soft launch.
In just 16 years, Bitcoin has grown to become the world’s 10th largest asset and the best currency for “financial freedom,” according to Tether CEO, Paolo Ardoino.
-
Science & Environment2 months agoHow to unsnarl a tangle of threads, according to physics
-
Technology1 month agoIs sharing your smartphone PIN part of a healthy relationship?
-
Science & Environment2 months ago‘Running of the bulls’ festival crowds move like charged particles
-
Science & Environment2 months agoHyperelastic gel is one of the stretchiest materials known to science
-
Technology2 months agoWould-be reality TV contestants ‘not looking real’
-
Science & Environment1 month agoX-rays reveal half-billion-year-old insect ancestor
-
Science & Environment2 months agoMaxwell’s demon charges quantum batteries inside of a quantum computer
-
Science & Environment2 months agoSunlight-trapping device can generate temperatures over 1000°C
-
Money1 month agoWetherspoons issues update on closures – see the full list of five still at risk and 26 gone for good
-
Technology1 month agoGmail gets redesigned summary cards with more data & features
-
Science & Environment2 months agoPhysicists have worked out how to melt any material
-
Sport1 month agoAaron Ramsdale: Southampton goalkeeper left Arsenal for more game time
-
Football1 month agoRangers & Celtic ready for first SWPL derby showdown
-
Sport1 month agoBoxing: World champion Nick Ball set for Liverpool homecoming against Ronny Rios
-
Technology1 month agoEpic Games CEO Tim Sweeney renews blast at ‘gatekeeper’ platform owners
-
Technology1 month agoUkraine is using AI to manage the removal of Russian landmines
-
News1 month agoWoman who died of cancer ‘was misdiagnosed on phone call with GP’
-
Science & Environment2 months agoLaser helps turn an electron into a coil of mass and charge
-
Technology1 month agoRussia is building ground-based kamikaze robots out of old hoverboards
-
Science & Environment2 months agoQuantum ‘supersolid’ matter stirred using magnets
-
Science & Environment2 months agoLiquid crystals could improve quantum communication devices
-
Technology1 month agoSamsung Passkeys will work with Samsung’s smart home devices
-
MMA4 weeks ago‘Dirt decision’: Conor McGregor, pros react to Jose Aldo’s razor-thin loss at UFC 307
-
MMA1 month agoDana White’s Contender Series 74 recap, analysis, winner grades
-
News1 month ago‘Blacks for Trump’ and Pennsylvania progressives play for undecided voters
-
Business1 month ago
how UniCredit built its Commerzbank stake
-
Technology1 month agoMicrosoft just dropped Drasi, and it could change how we handle big data
-
MMA4 weeks ago‘Uncrowned queen’ Kayla Harrison tastes blood, wants UFC title run
-
Science & Environment2 months agoA new kind of experiment at the Large Hadron Collider could unravel quantum reality
-
Science & Environment2 months agoWhy this is a golden age for life to thrive across the universe
-
Technology1 month agoCheck, Remote, and Gusto discuss the future of work at Disrupt 2024
-
News4 weeks agoNavigating the News Void: Opportunities for Revitalization
-
TV1 month agoসারাদেশে দিনব্যাপী বৃষ্টির পূর্বাভাস; সমুদ্রবন্দরে ৩ নম্বর সংকেত | Weather Today | Jamuna TV
-
News1 month agoRwanda restricts funeral sizes following outbreak
-
Technology1 month agoWhy Machines Learn: A clever primer makes sense of what makes AI possible
-
MMA1 month agoPereira vs. Rountree prediction: Champ chases legend status
-
News1 month agoMassive blasts in Beirut after renewed Israeli air strikes
-
Sport1 month ago2024 ICC Women’s T20 World Cup: Pakistan beat Sri Lanka
-
Technology1 month agoMicrophone made of atom-thick graphene could be used in smartphones
-
Business1 month agoWater companies ‘failing to address customers’ concerns’
-
News1 month agoCornell is about to deport a student over Palestine activism
-
Business1 month agoWhen to tip and when not to tip
-
Entertainment1 month agoBruce Springsteen endorses Harris, calls Trump “most dangerous candidate for president in my lifetime”
-
Football1 month ago'Rangers outclassed and outplayed as Hearts stop rot'
-
Sport4 weeks agoWXV1: Canada 21-8 Ireland – Hosts make it two wins from two
-
Science & Environment2 months agoITER: Is the world’s biggest fusion experiment dead after new delay to 2035?
-
News2 months ago▶️ Hamas in the West Bank: Rising Support and Deadly Attacks You Might Not Know About
-
Science & Environment2 months agoQuantum forces used to automatically assemble tiny device
-
Science & Environment2 months agoNuclear fusion experiment overcomes two key operating hurdles
-
Sport1 month agoChina Open: Carlos Alcaraz recovers to beat Jannik Sinner in dramatic final
-
Football1 month agoWhy does Prince William support Aston Villa?
-
News4 weeks ago▶ Hamas Spent $1B on Tunnels Instead of Investing in a Future for Gaza’s People
-
Business1 month ago
Top shale boss says US ‘unusually vulnerable’ to Middle East oil shock
-
Technology1 month agoMusk faces SEC questions over X takeover
-
Technology1 month agoSingleStore’s BryteFlow acquisition targets data integration
-
MMA1 month agoKayla Harrison gets involved in nasty war of words with Julianna Pena and Ketlen Vieira
-
News1 month agoHull KR 10-8 Warrington Wolves – Robins reach first Super League Grand Final
-
Science & Environment2 months agoA slight curve helps rocks make the biggest splash
-
Technology1 month agoMeta has a major opportunity to win the AI hardware race
-
Womens Workouts1 month ago3 Day Full Body Women’s Dumbbell Only Workout
-
Business1 month ago
Bank of England warns of ‘future stress’ from hedge fund bets against US Treasuries
-
Sport1 month agoPremiership Women’s Rugby: Exeter Chiefs boss unhappy with WXV clash
-
Technology1 month agoLG C4 OLED smart TVs hit record-low prices ahead of Prime Day
-
MMA4 weeks ago‘I was fighting on automatic pilot’ at UFC 306
-
Sport1 month agoCoco Gauff stages superb comeback to reach China Open final
-
News1 month agoGerman Car Company Declares Bankruptcy – 200 Employees Lose Their Jobs
-
Sport1 month agoWales fall to second loss of WXV against Italy
-
Business1 month ago
DoJ accuses Donald Trump of ‘private criminal effort’ to overturn 2020 election
-
Technology1 month agoUniversity examiners fail to spot ChatGPT answers in real-world test
-
Science & Environment2 months agoTime travel sci-fi novel is a rip-roaringly good thought experiment
-
Business1 month ago
Sterling slides after Bailey says BoE could be ‘a bit more aggressive’ on rates
-
TV1 month agoTV Patrol Express September 26, 2024
-
Sport1 month agoSturm Graz: How Austrians ended Red Bull’s title dominance
-
MMA1 month agoKetlen Vieira vs. Kayla Harrison pick, start time, odds: UFC 307
-
Technology4 weeks agoThe best shows on Max (formerly HBO Max) right now
-
Technology4 weeks agoIf you’ve ever considered smart glasses, this Amazon deal is for you
-
Sport1 month agoShanghai Masters: Jannik Sinner and Carlos Alcaraz win openers
-
Money4 weeks agoTiny clue on edge of £1 coin that makes it worth 2500 times its face value – do you have one lurking in your change?
-
Technology1 month agoQuoroom acquires Investory to scale up its capital-raising platform for startups
-
Business1 month ago
The search for Japan’s ‘lost’ art
-
Sport1 month agoMan City ask for Premier League season to be DELAYED as Pep Guardiola escalates fixture pile-up row
-
Science & Environment2 months agoNerve fibres in the brain could generate quantum entanglement
-
News2 months ago▶️ Media Bias: How They Spin Attack on Hezbollah and Ignore the Reality
-
Technology1 month agoJ.B. Hunt and UP.Labs launch venture lab to build logistics startups
-
Technology1 month agoAmazon’s Ring just doubled the price of its alarm monitoring service for grandfathered customers
-
Travel1 month ago
World of Hyatt welcomes iconic lifestyle brand in latest partnership
-
MMA1 month agoPennington vs. Peña pick: Can ex-champ recapture title?
-
Sport4 weeks agoNew Zealand v England in WXV: Black Ferns not ‘invincible’ before game
-
Business1 month agoStocks Tumble in Japan After Party’s Election of New Prime Minister
-
Technology1 month agoTexas is suing TikTok for allegedly violating its new child privacy law
-
Technology1 month agoOpenAI secured more billions, but there’s still capital left for other startups
-
News1 month agoFamily plans to honor hurricane victim using logs from fallen tree that killed him
-
Money1 month agoPub selling Britain’s ‘CHEAPEST’ pints for just £2.60 – but you’ll have to follow super-strict rules to get in
-
Entertainment1 month agoNew documentary explores actor Christopher Reeve’s life and legacy
-
Science & Environment2 months agoHow to wrap your mind around the real multiverse
-
MMA1 month agoUFC 307’s Ketlen Vieira says Kayla Harrison ‘has not proven herself’
-
News1 month agoHarry vs Sun publisher: ‘Two obdurate but well-resourced armies’
-
Business1 month ago
Champagne days for F1
-
News4 weeks agoTrump returns to Pennsylvania for rally at site of assassination attempt
-
Sport4 weeks agoURC: Munster 23-0 Ospreys – hosts enjoy second win of season
You must be logged in to post a comment Login