0
0.0
Mar 6, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
involving new york community bank.i wonder what, if any role the sec has in ensuring the soundness of the bank and that the bank is in compliance with all securities regulations and disclosures with respect, for example having to raise more capital. >> tyler, of course i think the viewers would understand me not commenting on any one particular company, but if i can see generally we have a role with regard to public companies and most of the largest banks in the u.s. are public companies. so our role is about disclosures that they make and that they are making disclosures and have copper controls around the disclosures. and i know we will get to climate any moment, but that in climate is also disclosure based. here, anyone think that is a public company, we have a role with regard to the accounting, the disclosures and controls around those numbers. >> when something like this happens when the bank says we have to come to the public market to raise additional capital, take me inside the sec and tell me what's going on
involving new york community bank.i wonder what, if any role the sec has in ensuring the soundness of the bank and that the bank is in compliance with all securities regulations and disclosures with respect, for example having to raise more capital. >> tyler, of course i think the viewers would understand me not commenting on any one particular company, but if i can see generally we have a role with regard to public companies and most of the largest banks in the u.s. are public companies....
0
0.0
tv
eye 0
favorite 0
quote 0
liz: can i ask you, new york community bank is what you just referenced.ted earlier down 42% t had real issues here. you are a trader. is there a short-term trade because they did just announce they have a one billion dollar cash infusion from a consortium of investors? would you somehow think that's worth a trade? and number two, do you think that is good money thrown after bad? >> i think they're trying to do a lot of things to save the banking sector especially regional banks. they did it a year ago. it is starting to go away. i would stay away. so much money playing than regional banks. they're a home run or strike yacht. i rather go for consistency. a.i. semiconductors working well, rather go for crypto names. regional banks i would not rather do a hit or miss. let whatever hedge funds give them whatever they need at $2 a share so it is not zero. liz: what you think about the federal reserve, looks like the fed fund futures maybe the first rate cut we would see in june. what are you along those lines, and what's the trade ahead of that? >> remember in
liz: can i ask you, new york community bank is what you just referenced.ted earlier down 42% t had real issues here. you are a trader. is there a short-term trade because they did just announce they have a one billion dollar cash infusion from a consortium of investors? would you somehow think that's worth a trade? and number two, do you think that is good money thrown after bad? >> i think they're trying to do a lot of things to save the banking sector especially regional banks. they did...
0
0.0
tv
eye 0
favorite 0
quote 0
i would be surprised if new york community bank is one of them.arly with the commercial real estate exposures. and i do think having some additional skin in the game could sharpen the focus of management on prop problem. -- on this problem. and congress after silicon valley bank failed, congress marked that bill up. well, the senate banking committee did. very strong bipartisan majority in support of it. now it's just kind of stuck there. so i do think that's something that, yes, for this handful of banks that need to be focused like a laser on their commercial real estate exposure, i do think that would provide some additional incentives. but i repeat, the vast majority of regional banks, i think, are fine. liz: okay. >> we're going to have more failures, no doubt about that, and that shouldn't be a concern to people, at least households, main street if they're under the insured deposit levels. liz: i'm getting a wrap, but with i have to ask you, march 11th, monday, the fed's bank term lending program which was open for regionals to insure and st
i would be surprised if new york community bank is one of them.arly with the commercial real estate exposures. and i do think having some additional skin in the game could sharpen the focus of management on prop problem. -- on this problem. and congress after silicon valley bank failed, congress marked that bill up. well, the senate banking committee did. very strong bipartisan majority in support of it. now it's just kind of stuck there. so i do think that's something that, yes, for this...
0
0.0
Mar 1, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
that is off the heels of jitters at new york community bank that we will talk about. the two-year yield back down to 4.53. you have to remember, we started above 4.70. quite the move we have seen. eight basis point move lower on the day. mid-day movers on the equity side. some things are flying. shares of dell soaring after better-than-expected sales and profit. fuel needed to handle ardell intel -- artificial intelligence work. dell up more than 20%. shares of sound hound down after earnings missed expectations. they sorted since nvidia raised its stake in the company last year. new york minute heat continues its 2024 declines. it raised concerns about loan oversight. commercial to commercial real estate, 37 billion dollars in multifamily loans. the company announced a ceo change and material weaknesses in its accounting. now i want to look at not just the equity market, but the bonds for new york community bank. it was trading at par. you saw a significant drop off after reporting some concerns tied to commercial real estate. and even bigger drop off when you saw co
that is off the heels of jitters at new york community bank that we will talk about. the two-year yield back down to 4.53. you have to remember, we started above 4.70. quite the move we have seen. eight basis point move lower on the day. mid-day movers on the equity side. some things are flying. shares of dell soaring after better-than-expected sales and profit. fuel needed to handle ardell intel -- artificial intelligence work. dell up more than 20%. shares of sound hound down after earnings...
0
0.0
Mar 6, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
is that related to new york community bank? maybe.e -- what also concerns us is, we go back to some of the biggest momentum markets in '88 and 299 into long-term capital -- which was an idiosyncratic issue -- you had the s&p down 10%, small caps down 20%, soak in a momentum market, you an get some big booms related to idiosyncratic issues, or other events. >> people look at the market and say, you know, it is actually a good thing that momentum is going to take a break, because if i look at, i don't know, materials, or financials, or industrials, or the cyclical areas of the market, if they weren't reacting well, i would say, well, houston, we've got a problem. but now, it is actually a good side, isn't it? >> it is a positive, but the average stock is still not doing that well. right? >> when you say "average stock," are you talking about from the russell? >> from the russell 3000. if you take the russell 3000, the average stock, if you look at the average stock in the s&p, they are not doing that well. if you look at every single em
is that related to new york community bank? maybe.e -- what also concerns us is, we go back to some of the biggest momentum markets in '88 and 299 into long-term capital -- which was an idiosyncratic issue -- you had the s&p down 10%, small caps down 20%, soak in a momentum market, you an get some big booms related to idiosyncratic issues, or other events. >> people look at the market and say, you know, it is actually a good thing that momentum is going to take a break, because if i...
0
0.0
Mar 19, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
the future of new york community bank. we speak to a key investor in the $1 billion capital infusion. the long-term trend -- plan for the troubled lender. the ceo ducati joints to talk about the business of making motorcycles and the moto gp. i am katie greifeld and welcome to bloomberg markets. you take a look at the markets and there is some red on the screen. the s&p 500 off by about point read percent, a far cry from this time 24 hours ago. you look at the nasdaq 100 and the big tech names and it gets worse. the nasdaq 100 off by .8%, not too big of a move but to the downside. this as we count down to the fed decision. that line is what you want to watch, the 10-year treasury yield lower by one basis point. we are sitting at 4.3% or so. of course that meeting kicked off at 9:00 a.m.. let us dive deeper into the markets with catherine, the stone next financial chief market strategist. let us talk about the fed but let us start about the bank of japan, the big news out overnight, the negative interest rate and the zero i
the future of new york community bank. we speak to a key investor in the $1 billion capital infusion. the long-term trend -- plan for the troubled lender. the ceo ducati joints to talk about the business of making motorcycles and the moto gp. i am katie greifeld and welcome to bloomberg markets. you take a look at the markets and there is some red on the screen. the s&p 500 off by about point read percent, a far cry from this time 24 hours ago. you look at the nasdaq 100 and the big tech...
0
0.0
tv
eye 0
favorite 0
quote 0
new york community bank at this hour is up 5%.n along with a group of investors plowed more than $1 billion into the struggling commercial real estate lender. they broke that news yesterday. former controller of the currency and mnuchin's long-time ally held a news conference call with analysts this morning. key takeaways? the firm had $77.2 billion in deposits as of march 5th. that is down from $81.4 billion at year end. it's common -- its quarterly common dividend will now be slashed down to a penny, a penny a share from a nickel at the end of january. of course, they cut it to a nickel at the end of january because they found all a kinds of problems on the balance sheet. the influence fusion now -- influence -- infusion if creates a fortress balance sheet. joining us now, raymond james' banking director steve moss. he was on the call this morning. steve, when you look at the stock, i wouldn't exactly say the market is cheering this. let's call it a golf clap maybe. you were on the call. what struck you about what was said on th
new york community bank at this hour is up 5%.n along with a group of investors plowed more than $1 billion into the struggling commercial real estate lender. they broke that news yesterday. former controller of the currency and mnuchin's long-time ally held a news conference call with analysts this morning. key takeaways? the firm had $77.2 billion in deposits as of march 5th. that is down from $81.4 billion at year end. it's common -- its quarterly common dividend will now be slashed down to...
0
0.0
Mar 6, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
york community bank. not to overshadow the hearing today on monetary policy that was largely stay the course. that's what we heard from chair powell >> reporter: well, that is correct, but i did hear a little bit of a dovish twist or interpretation of how long the fed will wait. i want to go through a couple of the things he did say. he said, what we need is just a bit more evidence. he maybe sort of set the barlow for how much more evidence the fed needs, just a bit more evidence, and he went on to say -- i want to get the words right here -- we're not looking for better inflation readings than we've had we're just looking for more of the same is what he said, scott. so we've been wondering what is this bar for the fed to get confident, and he gave us an explanation, i think, where that bar is not as high as you thought. and he also reiterated the notion that he said before, not looking for inflation to come down to 2% before cutting. i did see a very small rise, scott, in the probabilities of rate cuts.
york community bank. not to overshadow the hearing today on monetary policy that was largely stay the course. that's what we heard from chair powell >> reporter: well, that is correct, but i did hear a little bit of a dovish twist or interpretation of how long the fed will wait. i want to go through a couple of the things he did say. he said, what we need is just a bit more evidence. he maybe sort of set the barlow for how much more evidence the fed needs, just a bit more evidence, and he...
0
0.0
tv
eye 0
favorite 0
quote 0
new york community bank on the fritz.g out, people like janet yellen saying we can backstop every single depositors in the entire system, it just -- it goes to play on the thesis that fiat currency is worthless because they can print it forever and you change to the ease of use, now you can just buy an etf from a reputable company like fidelity orbit coin or bitcoin, it makes it easierr people to own. historically once you break through the cycle high, you triple that previous cycle high so you could -- in my opinion i think you see north of 150,000. maria: it's unbelievable what's happening here. you do think it's going much higher, then. when? >> i don't know if it's going to take six months or two years. these cycles play out over time but the having is an important event and already now with the buying and a etfs and it got approved at bank of america and wells fargo so this is still being rolled out into the retail advisor industry, the best days are in front of it unless the government some d somehow runs t surplus.
new york community bank on the fritz.g out, people like janet yellen saying we can backstop every single depositors in the entire system, it just -- it goes to play on the thesis that fiat currency is worthless because they can print it forever and you change to the ease of use, now you can just buy an etf from a reputable company like fidelity orbit coin or bitcoin, it makes it easierr people to own. historically once you break through the cycle high, you triple that previous cycle high so you...
0
0.0
Mar 6, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
new york community bank corps, ink a deal. those investors buying common and convertible preferred stock $2 per share. investors will get a 60% warrant coverage to buy more stock with an exercised price of $2.50. a bit of background on how this came together according to people familiar with the matter. secretary mnuchin had been involved here, with nycb for a while now. jeffries approached a select group of other investors with the prospect of a capital raise on sunday. they were told a lead investor, mnuchin's firm put up $450 million. hudson bay capital, reference capital parents and citadel had decided to invest alongside him for a total infusion of that $1 billion. i'm told that putting former comptroller of the currency, joseph oting in the ceo roll and revamping the board fwas a boos of confidence for investors to join in here. the price per share of $2 was finalized intraday after the stock plummeted. it's a presume to the lows of toad, below any level that nycb has closed since the late 90. the stock is reacting posit
new york community bank corps, ink a deal. those investors buying common and convertible preferred stock $2 per share. investors will get a 60% warrant coverage to buy more stock with an exercised price of $2.50. a bit of background on how this came together according to people familiar with the matter. secretary mnuchin had been involved here, with nycb for a while now. jeffries approached a select group of other investors with the prospect of a capital raise on sunday. they were told a lead...
0
0.0
Mar 4, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
. >>> and the bar cannot get lower for the new york community bank.. >>> we turn attention back to d.c. and the latest plan to keep the government open past deadline day this friday. we have a very busy hour still ahead when "worldwide exchange" returns. stay with us. is it possible to count on my internet like my customers count on me? it is with comcast business. keeping you up and running with our 99.9% network reliability. and security that helps outsmart threats to your data. moaire dida twoo? - your data, too. there's even round-the-clock customer support. so you can be there for your customers. with comcast business, reliability isn't just possible. it's happening. get started for $49 a month. plus, ask how to get up to a $800 prepaid card with a qualifying internet package. don't wait, call and switch today! >>> welcome back to "worldwide exchange." look at u.s. stock futures with the s&p and nasdaq trading at all-time highs. the dow would open 70 points lower right now. it will be a busy week for wall street and the test for the rally, includ
. >>> and the bar cannot get lower for the new york community bank.. >>> we turn attention back to d.c. and the latest plan to keep the government open past deadline day this friday. we have a very busy hour still ahead when "worldwide exchange" returns. stay with us. is it possible to count on my internet like my customers count on me? it is with comcast business. keeping you up and running with our 99.9% network reliability. and security that helps outsmart threats...
0
0.0
tv
eye 0
favorite 0
quote 0
take another look at new york community bank, okay.on, now down 22%. so again friday, just to back up, fitch ratings and moody's cut the bank's rating to junk over concerns it may have to increase its provisions for credit losses over the next two years. things are just getting worse by the minute. if you stretch it out, you can see that it is, had a really difficult time. i just want to tell you what it has done over, just you know, one year. let's take a look here. over the past year, it is down 58%. but year-to-date, down 72%. bank of america, bullish target for the s&p 500, it has been hiked to 5400. maybe way too tame for our "countdown" closer, infrastructure scrap capital advisor jay hatfield has a even bigger target for the broader market index. spit it out, jay. >> we went from 5500 which we started at the beginning of the year. we were one of the more bullish. we're now at 5750 that is probably the risk to the upside. we're seeing it today, a.i. is supporting the market before we get the rate cuts. we think we will get summer
take another look at new york community bank, okay.on, now down 22%. so again friday, just to back up, fitch ratings and moody's cut the bank's rating to junk over concerns it may have to increase its provisions for credit losses over the next two years. things are just getting worse by the minute. if you stretch it out, you can see that it is, had a really difficult time. i just want to tell you what it has done over, just you know, one year. let's take a look here. over the past year, it is...
0
0.0
Mar 6, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
york community bank corps. believe it or not. down more than 40% so far on reports thousand that the bank is seeking a major capital infusion from outside. and that's where we are going to start with these green markets, a very deep red picture, and leslie picker has the details on nycb >> so it appears to be that this would be an equity capital raise, and that they reached out to a variety of investment firms. my understanding in talking with a couple of indirect sources over the last few minutes or so is that this is likely a lot of these conversations are more in the private realm opposed to public investors and that they have been going on for quite sometime, because one of my big questions was, why is this coming out on a wednesday typically when something like this happens, it would be pulled together over a weekend because if it does leak to the market, something like this could happen you could see shares down more than 42% so it sounds like these conversations have been ongoing. that was something when
york community bank corps. believe it or not. down more than 40% so far on reports thousand that the bank is seeking a major capital infusion from outside. and that's where we are going to start with these green markets, a very deep red picture, and leslie picker has the details on nycb >> so it appears to be that this would be an equity capital raise, and that they reached out to a variety of investment firms. my understanding in talking with a couple of indirect sources over the last...
0
0.0
tv
eye 0
favorite 0
quote 0
liz: let's hope you are correct that new york community bank can survive. a little more worried than the market appears to be. we don't see it spooked in the latest earthquake in the regional bank, incredibly strong at this hour hoisting the s&p and the nasdaq. cloud and data management software company is at the north pole of the s&p leaderboard, gaining 20%. we've got the ceo coming up. it's followed by chipmaker and chip equipment manufacturers broad, western digital, micron, kayla, everybody is up, 4% to 7%. and over the past, year to date. and it has spiked 28%. and one of the dow components, heavily weighted here in the nasdaq, struggling the past several days. there's news, goldman sachs taking off a conviction list and the market is looking strong overall. >> it's not supporting the market to get on it. apple doesn't have a clear strategy, they are the provider, they don't have a strategy that is helping to be part of this. liz: do you like any of the names in the magnificent seven. as we watch them hold onto extreme leadership positions does that m
liz: let's hope you are correct that new york community bank can survive. a little more worried than the market appears to be. we don't see it spooked in the latest earthquake in the regional bank, incredibly strong at this hour hoisting the s&p and the nasdaq. cloud and data management software company is at the north pole of the s&p leaderboard, gaining 20%. we've got the ceo coming up. it's followed by chipmaker and chip equipment manufacturers broad, western digital, micron, kayla,...
0
0.0
tv
eye 0
favorite 0
quote 0
the problem is that new york community bank corp. real estate like offices right here in new york city. in fact, steven mnuchin just said the biggest problem in their portfolio is their new york office loans. but what happened in 2019 here in the city in they capped rent increases. that killed -- stuart: there you go. >> good old democrat policy for you. lauren: you can't bring in more money, interest rates go up, all these office builds are sitting vacant because everybody's working from home, this is what happened. so the question is, is this idiosyncratic to maybe new york community bank and a few other, or there -- will there be contagion? stuart: we shall see. adam's brought some stock ticks -- picks, and we're going to start. tell that? i'll never buy into an airline. >> you and warren buffett. slap my hands if i ever buy an airline again. delta's the only one i've ever bought. just very quickly on valuation, it's super cheap right now. it's about 6 times earnings, it usually trades about $8.5. -- 8.5. they're going to earn abo
the problem is that new york community bank corp. real estate like offices right here in new york city. in fact, steven mnuchin just said the biggest problem in their portfolio is their new york office loans. but what happened in 2019 here in the city in they capped rent increases. that killed -- stuart: there you go. >> good old democrat policy for you. lauren: you can't bring in more money, interest rates go up, all these office builds are sitting vacant because everybody's working from...
0
0.0
Mar 7, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
the latest with new york community bank in connect.ar following the announcement of the $1 billion capital raise and the shakeup led by steven mnuchin. this following the one-year an anniversary of the collapse of svb. we have leslie picker with more. a lot going on with the leander. >> reporter: it is remarkable, frank. one year to the day that svb experienced that historic run leading to its demise. that failure and the one of signature bank came at a cost to the banking system. it is still going on. that figure was revised upward by a whopping 25%. last fall, the fdic levied a $16 billion fee spread among the biggest banks that covered the depletion of the deposit insurance fund after it was used to protect uninsured depositors of svb and signature. that fee was bumped up to $20 billion. the numbers are raising questions if uninsured depositors should have been required to take hair cuts on the deposits and if deposit insurance reform should be back on the table. this, of course, comes amid the price $1 billion infusion from the gro
the latest with new york community bank in connect.ar following the announcement of the $1 billion capital raise and the shakeup led by steven mnuchin. this following the one-year an anniversary of the collapse of svb. we have leslie picker with more. a lot going on with the leander. >> reporter: it is remarkable, frank. one year to the day that svb experienced that historic run leading to its demise. that failure and the one of signature bank came at a cost to the banking system. it is...
0
0.0
Mar 1, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
more on the big tumble in shares of new york community bank. look at that chart. shares down more than 22% right now. we're back in two minutes. personalized financial advice from ameriprise can do more than help you reach your goals. -you can make this work. -we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. ...for kung fu panda 4. ameriprise financial. jack black is back. ah, you're adorable. yah, whah! >>> welcome back to "halftime." the nasdaq hitting a new all-time high. we're also following a developing story on boeing. "the wall street journal" reporting the company is in talks to buy spirit aero, after the door plug incident on an alaska airlines flight back in january, jim, you sold boeing after that incident. what's your take on the potential deal? boeing buying spirit back, it spun the company off. >> let's start with the bigger picture. the company needs boeing to be successful. the country does. the airline indu
more on the big tumble in shares of new york community bank. look at that chart. shares down more than 22% right now. we're back in two minutes. personalized financial advice from ameriprise can do more than help you reach your goals. -you can make this work. -we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. ...for kung fu panda 4. ameriprise financial....
0
0.0
Mar 5, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
thing that everyone saw that new york community bank is just how much it grew over 18 months, includinghrough acquisitions that the regulars approved. what rolled did the acquisitions play in the most recent set of troubles? >> i want to give a shout out to wit businessweek story that might be like 25 years old. in this piece, that the then-ceo brags that in three years, they've grown from $2 billion, nothing, to $20 billion. and then it just gets bigger and bigger and bigger and it is not a coincidence. they had a game plan of swallowing rival banks and taking mom-and-pop deposits and loaning it to manhattan real estate. and there was a moment that it seems that regulators may not have approved of them getting bigger. they definitely seem to have faced some kind of regulatory hurdle and emerges that they were planning on, i think this was like 2012, 2013, didn't go through. you can see that they were frustrated, they wanted to keep getting bigger and they see flagstar. flagstar is a big mortgage servicer. originally it was going to be the fbi see that had to approve the merger but exch
thing that everyone saw that new york community bank is just how much it grew over 18 months, includinghrough acquisitions that the regulars approved. what rolled did the acquisitions play in the most recent set of troubles? >> i want to give a shout out to wit businessweek story that might be like 25 years old. in this piece, that the then-ceo brags that in three years, they've grown from $2 billion, nothing, to $20 billion. and then it just gets bigger and bigger and bigger and it is...
0
0.0
Mar 7, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
i think they did a good deal with new york community bank because quite frankly it strengthened new york community bank to put that franchise. obviously, if jpmorgan had wanted to buy it instead of buying first republic, they would have bought it. no, i think the fdic did the right thing, and again, i think you see this as we were able to raise capital. we were able to stabilize the bank. i obviously had extensive conversations with both the fed and the occ over the last few days. and they have been very supportive of us moving forward with this investment. >> steven, was there another bidder, and also, are you going to change the name of the bank? it is a great bank in the midwest, or more of a regional and just focus on new york? >> i can't comment on the other bidders. there was a group of capital that we brought in, into it. some of the people like milton berlinsky i had a long standing relationship. he was my partner at goldman sachs. so in a short period of time, people came into the deal very quickly. we upsized the deal from what was going to be about $700 million to a little ove
i think they did a good deal with new york community bank because quite frankly it strengthened new york community bank to put that franchise. obviously, if jpmorgan had wanted to buy it instead of buying first republic, they would have bought it. no, i think the fdic did the right thing, and again, i think you see this as we were able to raise capital. we were able to stabilize the bank. i obviously had extensive conversations with both the fed and the occ over the last few days. and they have...
0
0.0
Mar 7, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
billion-dollar lifeline for new york community bank.ee what he has to say about the company's future. closing bell will be right back. hey, is this thing hard to learn? nah, it's easy. huh. you know, i think i'm going to ride it home. good thing you chose u.s. bank to manage and grow your money. with our 24/7 support at least you're not taking chances with your finances. yeah, i think i'm gonna need a chair. oh, ohhhh. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailo
billion-dollar lifeline for new york community bank.ee what he has to say about the company's future. closing bell will be right back. hey, is this thing hard to learn? nah, it's easy. huh. you know, i think i'm going to ride it home. good thing you chose u.s. bank to manage and grow your money. with our 24/7 support at least you're not taking chances with your finances. yeah, i think i'm gonna need a chair. oh, ohhhh. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that...
0
0.0
Mar 11, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
. >>> plus, is new york community bank finally a buy?er the last few months, one of our traders sees an opportunity to get in. why they have changed their tune. don't go anywhere. "fast money" is back in two. >>> missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future. a future where you grew a dream into a reality. it's waiting for you. mere minutes away. the future is nothing but power and it's all yours. the all new godaddy airo. get your business online in minutes with the power of ai. >>> but the thing i don't like is that, without tiktok, you could make facebook bigger, and i consider facebook to be an enemy of the people, along with a lot of the media. i think facebook has been very bad for our country, especially when it comes to elections. >> that was former president donald trump on "squawk box" this morning, saying t
. >>> plus, is new york community bank finally a buy?er the last few months, one of our traders sees an opportunity to get in. why they have changed their tune. don't go anywhere. "fast money" is back in two. >>> missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an...
0
0.0
tv
eye 0
favorite 0
quote 0
i think this is the an idiosyncratic story to new york community bank.y noted issues with their loan review process, and as a result their quarterly earnings would take a hit of $2.4 billion. that's a huge loss. now you have new management taking over. what happens now? perhaps that new management finds more material issues, and it gets a little bit worse or maybe not. but, yes, huge decline in new york community bank is take down the other regional a banks today but not by much, 1.75% decline for the top two on that one. stuart: going the other way, we have dell, michael dell's company, and that's up -- lauren: wow. stuart: 36%? i know they had a report. lauren: it is the same story as nvidia with. there's more demand than supply by a long shot. they have a backlog of a.i. servers of $2.9 billion worth. that nearly doubled in the quarter. dell is literally shipping and selling every single product that it can make to feed this a.i. demand. its servers are equipped with nvidia what chips but also amd chips, and after this wonderful report card, dell came
i think this is the an idiosyncratic story to new york community bank.y noted issues with their loan review process, and as a result their quarterly earnings would take a hit of $2.4 billion. that's a huge loss. now you have new management taking over. what happens now? perhaps that new management finds more material issues, and it gets a little bit worse or maybe not. but, yes, huge decline in new york community bank is take down the other regional a banks today but not by much, 1.75% decline...
0
0.0
Mar 15, 2024
03/24
by
FBC
tv
eye 0
favorite 0
quote 0
teams i believe -- and we with saw this in new york community bank, that were hoping and hoping and fdic went into new york community bank, and they found a lot of missed markets, then they forced this capital raise where steve mnuchin came in. so at the end of the day, there's never one cockroach. in other words, right now we believe and we with hear from our institutional a clients around the world there are looking at a lot of other super regional banks, and the way the super regionals are performing versus the s&p, charles, is just mind-blowing. you've never seen it outside of a financial crisis. we're talking, look i -- like, 40-50% underperformance versus the s&p over the last year for some of these super regionals. so i think the fdic and the occ, they have a list, kind of a wish list of next victims that they're going to go after. charles: so, i mean, with that in find then, i mean, it sounds extraordinarily ominous. i do want to, without giving too much away, i do want to share from your book some of the key bullets with the audience. we're going to put them on the screen b
teams i believe -- and we with saw this in new york community bank, that were hoping and hoping and fdic went into new york community bank, and they found a lot of missed markets, then they forced this capital raise where steve mnuchin came in. so at the end of the day, there's never one cockroach. in other words, right now we believe and we with hear from our institutional a clients around the world there are looking at a lot of other super regional banks, and the way the super regionals are...
0
0.0
Mar 1, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
the new york community bank shares are at the lowest since 1996.hey are plunging once again for the commercial real estate lender said it found material weaknesses and how it tracks loan risks. hermann chan joins me now. could this test put this into context. we were waiting for another shoe to drop so how bad is this one? >> the disclosure yesterday evening about the material weakness raises questions on how the bank is monitoring their loan portfolio especially with heightened exposure to areas of concern like office commercial real estate and rent regulated apartment lending. it adds to the uncertainty and raises questions on future potential provisions for loan losses. do they need to add more capital to the balance sheet, are there more expenses because of the need to shore up their compliance? lots of questions surrounding them. katie: where does it go from here? you look at the shares now and it just a wipeout. what is the path forward? >> it's a challenge. the good thing with new york community is they have a fairly low level of deposits. t
the new york community bank shares are at the lowest since 1996.hey are plunging once again for the commercial real estate lender said it found material weaknesses and how it tracks loan risks. hermann chan joins me now. could this test put this into context. we were waiting for another shoe to drop so how bad is this one? >> the disclosure yesterday evening about the material weakness raises questions on how the bank is monitoring their loan portfolio especially with heightened exposure...
0
0.0
Mar 11, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
following shares in the week shares of new york community bank are down after the collapse of siliconley bank, but your next guest sees optimism from mid-cap banks with potential rate cuts expected later on had year. jared shaw is a midcap bank analyst at barclays. he just initiated with a positive view and welcome. it's a bigger story than just the stocks that you cover. new york community bank shook a lot of people up and we thought the worst was behind us a year ago and now we have this, again, but is nycb an nycb-specific issue? >> yeah. thanks for having me on, broad brian. good afternoon. i do think there are unique aspe aspects to the nycb story. they grew very rapidly over the last year and a half partly from another acquisition and they changed the regulator with the sec any with that comes different requirements and maybe a different way of looking at things. part of what you're seeing with nycb are growing pains as they've grown into this bigger size, but it's really not reflective of the broader market. you've brought up the one-year anniversary and you saw the strain that
following shares in the week shares of new york community bank are down after the collapse of siliconley bank, but your next guest sees optimism from mid-cap banks with potential rate cuts expected later on had year. jared shaw is a midcap bank analyst at barclays. he just initiated with a positive view and welcome. it's a bigger story than just the stocks that you cover. new york community bank shook a lot of people up and we thought the worst was behind us a year ago and now we have this,...
0
0.0
tv
eye 0
favorite 0
quote 0
concerns over regional banks return after new york community bank shareprice went on a wild ride yesterdayhalted several times. however it has returned to favor, kelly o'grady will bring us up to speed. ♪ ♪ ♪ this small thing, is the next big thing in diabetes. woah. it shows your glucose, and predicts where it's headed, just like that. it's not magic, it just feels that way. i wanna make you go wow, make you go wow, make you go wow. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire stuart: new york community bank shares rebounded after falling 40% at one point yesterday. what happened? how did we get such a rebound? lauren: they got a billion-dollar equity investment, essentially a vote of confidence to put the money and, they did their due diligence, they saw something that was okay, just to play devil's advocate, same happened with first republic a year ago, all of a sudden a week later it was coming down. just to g
concerns over regional banks return after new york community bank shareprice went on a wild ride yesterdayhalted several times. however it has returned to favor, kelly o'grady will bring us up to speed. ♪ ♪ ♪ this small thing, is the next big thing in diabetes. woah. it shows your glucose, and predicts where it's headed, just like that. it's not magic, it just feels that way. i wanna make you go wow, make you go wow, make you go wow. your record label is taking off. but so is your sound...
0
0.0
tv
eye 0
favorite 0
quote 0
charles: new york community bank really was in the news bigtime this week.as been all over the place, down another 8% now. regional banks in general are starting to really struggle there. but the large ones are doing extraordinarily well. we've got a really bifurcated banking system, so we brought in the best to break it all down for us. erika najarian next. ♪ i'm going off the rails on a crazy train. ♪ if i'm going off the rails on a crazy train ♪ is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. moving forward with node-positive breast cancer is overwhelming. but i never just found my way; i made it. and did all i could to prevent recurrence. verzenio reduces the risk of recurrence of hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning as determined by your doctor when added to hormone therapy.
charles: new york community bank really was in the news bigtime this week.as been all over the place, down another 8% now. regional banks in general are starting to really struggle there. but the large ones are doing extraordinarily well. we've got a really bifurcated banking system, so we brought in the best to break it all down for us. erika najarian next. ♪ i'm going off the rails on a crazy train. ♪ if i'm going off the rails on a crazy train ♪ is less about reaching a magic number......
0
0.0
Mar 6, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
to take you back to new york community bank their real issue was commercial real estate specificallyent controlled buildings in new york city. you're in the midwest. it's a different real estate market when it comes to real estate for retail and things like that, but also multi-families not so much rent control, but a different space. give us your sense when it comes to that. >> we do a fair amount of multi-family lending, but it's really strong. even again when we go back and look at the loans year as f doing the years of underwriting and looking at the rates up 300 basis points, actually our multi-family product has performed incredibly well, and there continues to be this structural deficit there's more demand for housing than there is housing available. for us, it's still a segment we continue to loan and invest in and it's performing incredibly well. >> how do you gauge the risk how do you mitigate the risk because we continue to hear it's a risk the kre risk is down year over year, just about at the one-year anniversary of silicon bank, which has nothing to do with real estate,
to take you back to new york community bank their real issue was commercial real estate specificallyent controlled buildings in new york city. you're in the midwest. it's a different real estate market when it comes to real estate for retail and things like that, but also multi-families not so much rent control, but a different space. give us your sense when it comes to that. >> we do a fair amount of multi-family lending, but it's really strong. even again when we go back and look at the...
0
0.0
Mar 14, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
new york community bank savior steven mnuchin said he will lead a group to buy the app from the chinese owner. >>> plus a trio of real estate destroys here. rent stabilization and using a.i. to build homes and using sports stadiums -- in its latin it should be stadia. stocks lower today following a hotter than expected ppi. you have got wholesale prices rising 1/6 of a percent of her break compared to an estimate of .3. there you see the dow industrials down a third of a percent. and nasdaq composite is 1.4%. tesla, the worst performer in the nasdaq. 100 today. it is down 20% so far in march and off by almost 4% today. nvidia, right behind it. that stock has been down four of the last five days. it is almost 3% as we speak, tyler. >> let's start with the big report on squawk box. former secretary steven mnuchin says he is putting together a group to buy tiktok. he said it will cost a lot but he thinks he can make it happen. >> it is worth a lot of money, let me just say. i think the number one issue that needs to be solved is a technology transfer. and if we can figure out a way to solv
new york community bank savior steven mnuchin said he will lead a group to buy the app from the chinese owner. >>> plus a trio of real estate destroys here. rent stabilization and using a.i. to build homes and using sports stadiums -- in its latin it should be stadia. stocks lower today following a hotter than expected ppi. you have got wholesale prices rising 1/6 of a percent of her break compared to an estimate of .3. there you see the dow industrials down a third of a percent. and...
0
0.0
Mar 8, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
york community bank?ebbie: for the commercial real estate sector writ large, those tightening financial conditions are having an impact, particularly in sectors like office, where you have the demand fall off and all of the aspects that go with that. you have certain other sectors like the multifamily business where you have this influx of supply, and then you have sectors like ours and the data centers where you have demand and revenue growth and growth that as well outpacing those. there will be an impact on the smaller lenders. we have seen that. it is something the system will have to absorb over time with $1 trillion of real estate loans coming due in 2024. it is having an effect. the best elixir for that might be lower rates. rates may be cut this year. for capital-intensive sectors like commercial real estate that is a great antidote. sonali: even if we only got one rate cut, what would that mean for your business? debbie: most prices are off the 10 year bond anyway but there's a correlation betwee
york community bank?ebbie: for the commercial real estate sector writ large, those tightening financial conditions are having an impact, particularly in sectors like office, where you have the demand fall off and all of the aspects that go with that. you have certain other sectors like the multifamily business where you have this influx of supply, and then you have sectors like ours and the data centers where you have demand and revenue growth and growth that as well outpacing those. there will...
0
0.0
Mar 5, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
. >> steve, new york community bank, does it come up? and how does he address it if it does? >> sure. i think that it comes up, because we're approaching the anniversary of the silicon valley bank failure. you might have some discussion around that, relative to the financial regulatory stuff i was talking about. i think, again, the fed sees this thing sort of the way it saw svb, as a kind of one-off. what's going at new york community bank does not appear to be the -- what do you want to call it, the canary in the coal mine on the books of the banking system. that's not it. there may be one yet, but i don't think this is it. >> steve, thank you. steve liesman. >> pleasure. >> tim, what did you make of the move in the ten-year? >> great song by the police, "canary in the coal mine." the move in the ten-year was a function of the ism number. there was some deflationary dynamics in that number, and i think if you look at, again, three rate cuts by the end of the year -- i think, if anything, i think powell needs to talk about liquidity conditions out there. i think there's so mu
. >> steve, new york community bank, does it come up? and how does he address it if it does? >> sure. i think that it comes up, because we're approaching the anniversary of the silicon valley bank failure. you might have some discussion around that, relative to the financial regulatory stuff i was talking about. i think, again, the fed sees this thing sort of the way it saw svb, as a kind of one-off. what's going at new york community bank does not appear to be the -- what do you...
0
0.0
Mar 1, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
it's new york community bank corps, ticker nycb, down about 25% again.s is the embattled new york based lender that replaced its ceo at this point. that's where we begin. leslie picker is here with the latest ohhen this saga. there are multiple headlines involving them today. >> multiple headlines, you're right. still losing about a quarter of its valuation. all of these just the latest salt in the wound of investors who have held onto new york bank community corps shares. the stock plunging at a filing revealed that management found material weaknesses in internal controls related to internal loan review. that review is not complete, meaning more problems would aice. they attribute the weakness to ineffective oversight, risk assessment, and monitoring activities. as a result, nycb needs to delay its annual report and will formulate a remediation plan. piper sander analyst downgrading that stock, because there is concern there could be more issues coming down the pike for that company. that is now the responsibility of a new management team. the executiv
it's new york community bank corps, ticker nycb, down about 25% again.s is the embattled new york based lender that replaced its ceo at this point. that's where we begin. leslie picker is here with the latest ohhen this saga. there are multiple headlines involving them today. >> multiple headlines, you're right. still losing about a quarter of its valuation. all of these just the latest salt in the wound of investors who have held onto new york bank community corps shares. the stock...
0
0.0
Mar 1, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
. >> i guess we should bring up this new york community bank issue. it seems somewhat idiosyncratic. it has been from the beginning. but it has been exacerbated right now. obviously the stock is showing greater concern about this particular institution. regional banks, community banks of the group are down 9% on the. day not any kind of panic but i do wonder if there is a shadow over the heart of the market. >> it certainly seems in a sense if you look at the care, even individual regional banks, what you see is they rallied a lot in the fourth quarter. they rallied right into resistance, rolled over, and are continuing their downtrend. it just means there is not a lot of confidence that we are turning a corner on the earnings trajectory. i think for new york community bank to question going forward will be, what does the deposit base look like? all of these headlines have been very negative. i think we need to watch very closely the deposit trends. this is, of course, the 2023 issue. we have been thinking about it much. but the next question is, what
. >> i guess we should bring up this new york community bank issue. it seems somewhat idiosyncratic. it has been from the beginning. but it has been exacerbated right now. obviously the stock is showing greater concern about this particular institution. regional banks, community banks of the group are down 9% on the. day not any kind of panic but i do wonder if there is a shadow over the heart of the market. >> it certainly seems in a sense if you look at the care, even individual...
0
0.0
Mar 26, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
. >>> we're back with moez those committing moves you sold new york community bank, which i was surprisedt into in the first place. so give us the reasoning here. >> first, the trajectory it was about a week and a half ago, i decided to take a flyer on it. it shot up, i felt like a hero the next day there was an analyst downgrade and it comes down, and i just said nope, i'm not going into a loss position with this. i'm over here in the corner playing with matches, nobody is stopping me. i'll stop myself before i get burned >> i remember the day you did it, and i think the stock was at like $370, $360, something like that and i think one of the reasons why you got into it in the first place, you're like, former treasury secretary ma mnuchin has come to the rescue, he's like the white knight here i trust him and the team that he's put together moving forward. i felt like your reasoning was more along those lines, almost -- i don't want to say -- >> that's accurate >> i don't want to be disp disparaging that you were more enamored with that and ignored the fundamentals, that even with the re
. >>> we're back with moez those committing moves you sold new york community bank, which i was surprisedt into in the first place. so give us the reasoning here. >> first, the trajectory it was about a week and a half ago, i decided to take a flyer on it. it shot up, i felt like a hero the next day there was an analyst downgrade and it comes down, and i just said nope, i'm not going into a loss position with this. i'm over here in the corner playing with matches, nobody is...
0
0.0
Mar 1, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
new york community bank shares plummeting.ny saying material weaknesses in how it contributes loan risk. the results from ineffective oversight and monetary activities. and why they also announced a change in management warning investors it expects to miss a deadline for annual report, that stock on my screen right w is off the lows around 20%. >> talking about a company that's been beaten up over the past couple of months, to me i would think the more interesting aspect is how it's being treated as an isolated event. people are falling into the idiosyncratic story hook line and sinker. >> if you are just joining us at home and you missed that today, i think those numbers matter. the largest real estate exposure comes from $37 billion with apartment loans with regulated complexes. it is truly a video syncretic. lisa: the issue i have is why do they not have a handle on what risk management issues there were one month ago. is this an nyc issue? the reason the issues are lower is because of that. jonathan: clearly they had a big
new york community bank shares plummeting.ny saying material weaknesses in how it contributes loan risk. the results from ineffective oversight and monetary activities. and why they also announced a change in management warning investors it expects to miss a deadline for annual report, that stock on my screen right w is off the lows around 20%. >> talking about a company that's been beaten up over the past couple of months, to me i would think the more interesting aspect is how it's being...
0
0.0
Mar 1, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
sonali: when you look at the financial sector, people are thinking about new york community bank and troubles it has seen. you saw a bond here that was trading at par fall to about $.74 on the dollar, jumped above 80, now below that level. i'm wondering for your perspective where you see these jitters and property market, and regional banking system. how do you view that opportunity, and is it even an opportunity? >> i think the pockets of volatility can create opportunities. especially going in to buy credit, quality at discounted prices. the banking crisis spreading in terms of volatility and other credits previously when that happened. it might create a more favorable market for investors like more contrarian and going into these times with the expectation to get good bargains and hold for the long term. i do feel like the market has been pricing in this unexpected scenario that there will be significant rate cuts in the face of a strong economy and growth. there will probably be volatility ahead as it may not materialize and you do have flareups and regional banks or other geopol
sonali: when you look at the financial sector, people are thinking about new york community bank and troubles it has seen. you saw a bond here that was trading at par fall to about $.74 on the dollar, jumped above 80, now below that level. i'm wondering for your perspective where you see these jitters and property market, and regional banking system. how do you view that opportunity, and is it even an opportunity? >> i think the pockets of volatility can create opportunities. especially...
0
0.0
tv
eye 0
favorite 0
quote 0
>> new york community bank is getting the money from a group of investors led by former treasury secretarychin, the bank has suffered massive losses in the commercial real estate market, fueling concerns about other regional lenders in the wake of last year's collapse of silicon valley bank, we turn now to pennsylvania and a shocking attack in a woman's backyard. >> it was just so fast. she was so aggressive. she was all over me. >> leanne galante is recalling the moment a black bear attacked her in her backyard north of pittsburgh. >> she had me down and she put my arm. she was on top of me. i thought, you know, i thought she had just let her dog smokey out tuesday night. >> having no idea that a female bear was lurking in the dark until she saw bear cubs in her neighbor's tree. there were three of them. >> if you were to see that big. those bears were in that tree. and how big she was, she just kept coming. but i didn't want her to eat my baby. and if she would have taken one bite, he would be dead somehow. >> the mama bear got distracted, and galante got herself and her dog back inside.
>> new york community bank is getting the money from a group of investors led by former treasury secretarychin, the bank has suffered massive losses in the commercial real estate market, fueling concerns about other regional lenders in the wake of last year's collapse of silicon valley bank, we turn now to pennsylvania and a shocking attack in a woman's backyard. >> it was just so fast. she was so aggressive. she was all over me. >> leanne galante is recalling the moment a...
0
0.0
Mar 14, 2024
03/24
by
KNTV
tv
eye 0
favorite 0
quote 0
york community bank and here he is on cnbc. >> i understand the technology.eat business, and i'm going to put together a group to buy tiktok. >> you're trying to buy tiktok? >> i am because it should be owned by u.s. businesses. there's no way that the chinese would ever let a u.s. company like this in china. >> have you already put a group together? >> no. >> we have to talk price and the bank deal mnuchin put together was for $1 billion. tiktok is worth much more than that, 60 billion, 80 billion, nobody quite knows because no one's ever sold tiktok before the same way you don't know the price of a picasso until someone tries to sell it. sure, we can make estimates based on revenue and growth and that's where the guess of $80 billion comes from and that is a lot of money. elon musk, the world's richest man had to borrow most of the money to buy twitter for $44 billion and compare tiktok's $80 billion to the tech's biggest deal excluding twitter, dell bought emc for $67 billion and that's the biggest tech deal in history. ibm bought red hat for $34 billion,
york community bank and here he is on cnbc. >> i understand the technology.eat business, and i'm going to put together a group to buy tiktok. >> you're trying to buy tiktok? >> i am because it should be owned by u.s. businesses. there's no way that the chinese would ever let a u.s. company like this in china. >> have you already put a group together? >> no. >> we have to talk price and the bank deal mnuchin put together was for $1 billion. tiktok is worth...
0
0.0
Mar 1, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
new york community bank corp., down 29.5%.et me get to a few -- >> really good idea for them to get that signature last year. >> we've been talking about nycb for some time, but then there was new news. we thought they might be done, so to speak, out of the woods. but we get this release yesterday. >> well, it's too early to buy that stock. >> they have a new ceo. i'm told, by the way, danello is a very serious guy. he steps in as ceo effective immediately. they got rid of their old ceo. they have also made a number of other appointments, but you know, they had some control issues, let's leave it at that. >> we can't leave it at that. this is a multi -- the assets sh t , the apartments may be worth a great deal. the federal reserve, it was a gunshot marriage. >> bring people back here. this is not a large bank. that said, it acquired the portfolio of loans from signature bank, which almost a year ago at this point, if you recall, when we had that mini banking crisis with svb, signature bank and then first republic all going ou
new york community bank corp., down 29.5%.et me get to a few -- >> really good idea for them to get that signature last year. >> we've been talking about nycb for some time, but then there was new news. we thought they might be done, so to speak, out of the woods. but we get this release yesterday. >> well, it's too early to buy that stock. >> they have a new ceo. i'm told, by the way, danello is a very serious guy. he steps in as ceo effective immediately. they got rid...
0
0.0
Mar 1, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
from the macro to the micro, because we had the story overnight over new york community bank discovering material weaknesses in its loan risks, so the question is whether that comes back to haunt the markets this year. how concerned are you about developments within real estate and regional banks of the u.s.? >> most regional bank analyst will target the concerns of this particular bank are representative of the concerns for the broader banking space. this is a bank that has its own lending book specific to new york, very exposed to new york commercial and residential real estate, but especially commercial properties in new york, and that is a unique market in and of itself that us post-pandemic friction of volatility to go through, so this is not news we want to suggest is indicative of some broader endemic weakness in the banking space, nor in the financial space at large. what i will also say is regional banks are less important to the outlook for stocks. regional banks as a market cap share are significantly lower than they have been in decades within the s&p 500, so what we might se
from the macro to the micro, because we had the story overnight over new york community bank discovering material weaknesses in its loan risks, so the question is whether that comes back to haunt the markets this year. how concerned are you about developments within real estate and regional banks of the u.s.? >> most regional bank analyst will target the concerns of this particular bank are representative of the concerns for the broader banking space. this is a bank that has its own...
0
0.0
tv
eye 0
favorite 0
quote 0
that is part of the new york community bank story but more the bank itself and its management did notntrol, and risk management policies. a week ago when the news broke the auditors said there was material weakness. a management shakeup which led to a stock decline. there are core issues on the balance sheet, it is a different story than the run on the bank, caused its collapse. neil: the bank stock stabilized today. the magnificent seven, lost the other day, $233 million market value collectively. not so much tesla, no longer one of the largest or 10 largest companies and the least magnificent of those seven. what do you make of that? >> i own it because regulators want us to say that. let's talk about tesla's market, still more than ten times that of gm and ford. it's a technology company in the eyes of some and part of that magnificent 7. it's reverting back to being a car company, still ten times more valuable than the legacy car companies. the market has to figure out how it is looking at the industry. that growth expectation is different as relates to a company that is a car com
that is part of the new york community bank story but more the bank itself and its management did notntrol, and risk management policies. a week ago when the news broke the auditors said there was material weakness. a management shakeup which led to a stock decline. there are core issues on the balance sheet, it is a different story than the run on the bank, caused its collapse. neil: the bank stock stabilized today. the magnificent seven, lost the other day, $233 million market value...
0
0.0
Mar 14, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
>> new york community bank is a lot easier. it's a, a lot easier to get done.now, it's a top 20 bank. we put up a lot of capital, which will stabilize the business. brought in joseph ceo and i think a great turnaround. >> let me ask you a very different question, put your treasury secretary hat on a second. how do you think the economy's actually going? >> i'm worried about the economy. so we're in a situation where obviously the fed is on hold. you know, i agree that the fed needs to see continued data. the last thing we want them to do is lower interest rates and not control inflation. but even if the fed lowers rates to 3.5% i think we're going to see ten-year treasurys in 4 to 4.5 range a long time. >> did you read this? 99- -- used to be 4. an example where it is. things seem like they are 40 or 50% higher than three years ago. good as the economy seems to be that people that follow it. >> my question, it has -- ask the former secretary about this. if you had been the secretary of the treasury for this administration, current administration, is there somet
>> new york community bank is a lot easier. it's a, a lot easier to get done.now, it's a top 20 bank. we put up a lot of capital, which will stabilize the business. brought in joseph ceo and i think a great turnaround. >> let me ask you a very different question, put your treasury secretary hat on a second. how do you think the economy's actually going? >> i'm worried about the economy. so we're in a situation where obviously the fed is on hold. you know, i agree that the fed...
0
0.0
Mar 8, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
we talk about new york community bank.u felt people are reticent to work with the banks? stephanie: actually think community bank's and local banks play a big role and an important role in how we think about what is going on in financial services. it is the simplest api for fast payment. it is important we work with and offer services to all size and scale of banks. how we provide those services is diversified and i think there is something to be said for working with smaller banks who can provide certain types of independent variables. some of them have very discrete protections that provide higher interchange rates. things that are very good for fintech. we are building the innovative economy. to have a single point of failure in a system is generally a risk. companies are more eyes wide open to the fact that having that risk is something not as worth taking as it once was. ed: concentration risk was a lesson from the silicon valley collapse. people were open-minded to using multiple service providers. has that made the
we talk about new york community bank.u felt people are reticent to work with the banks? stephanie: actually think community bank's and local banks play a big role and an important role in how we think about what is going on in financial services. it is the simplest api for fast payment. it is important we work with and offer services to all size and scale of banks. how we provide those services is diversified and i think there is something to be said for working with smaller banks who can...
0
0.0
Mar 5, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
new york community bank. would you leave much money? why would you leave it there when there so many banks around? they need to pay more. >> reporter: there are concerns about that. to be clear, the last update that nycb gave was february 15th before the series of moody's downgrades. at the time, 72% of the deposits were insured or collateralized. most of the dehe poposits were flight risk because they were uninsured. if you look at nycb nobody else has the concentration that barry was talking about with the regulated new york city businesses which are all of a sudden worth less after the 2019 law changes the economics on the businesses. nobody else grew as much as nycb. they added signature last year in the banking crisis. they added flagstar and doubled in size. they brought a lot of scrutiny they were not ready for, joe. >> janet yellen said everything is insured. hugh son, thank you. >>> target just reporting earnings for the quarter. it came in at $2.98a share. that is much better than the street had expected at $2.42. revenue also
new york community bank. would you leave much money? why would you leave it there when there so many banks around? they need to pay more. >> reporter: there are concerns about that. to be clear, the last update that nycb gave was february 15th before the series of moody's downgrades. at the time, 72% of the deposits were insured or collateralized. most of the dehe poposits were flight risk because they were uninsured. if you look at nycb nobody else has the concentration that barry was...
0
0.0
Mar 11, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
new york community banks exposure to commercial real estate sinking at stock.he past 12 months, hermann chan for bloomberg intelligence. let's talk about the last 12 months before we get into the next 12 months. what if we learn the what if we change? herman: regional banks that have been over reliance or concentration can lead to instability. we saw that with svb and their interest rate risk and securities portfolio and we are seeing it in new york community with concentration risk and multifamily real estate, britt regulated apartment lending. the rest of the regional banks have a more diverse investment. that serves them in operating environments. lisa: where are we on the regulations targeting smaller banks that have been highly contentious? have they moved closer to reality or further away? herman: it depends on which regulation we're talking about. the basel three endgame rules of influx given the comment from the federally. we expect the endgame to incorporate the unrealized losses in the securities portfolio within the capital regulations. we are closer
new york community banks exposure to commercial real estate sinking at stock.he past 12 months, hermann chan for bloomberg intelligence. let's talk about the last 12 months before we get into the next 12 months. what if we learn the what if we change? herman: regional banks that have been over reliance or concentration can lead to instability. we saw that with svb and their interest rate risk and securities portfolio and we are seeing it in new york community with concentration risk and...
0
0.0
Mar 6, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
around new york community bancorp, he was taking a lot of questions on the health of banks as well and these new regulations that could be coming into effect. haidi: jay powell of course reiterating to lawmakers that the central bank is in a rush to cut interest rates. powell saying that borrowing costs should come down this year but made clear policymakers are not ready to move yet. >> we believe our policy rate is likely at its peak for this tightening cycle. if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year. the committee does not expect it will be appropriate to reduce the target range until it has gained greater onfince hat inflation is moving sustainably towards 2%. haidi: let's bring in our first guest at morgan stanley investment management. as we said that, the same message we have been hearing for a period, is there anything that markets need to digest or take away from what we heard today? >> i think it is just we are in this period of time when the fed is done raising rates and they have
around new york community bancorp, he was taking a lot of questions on the health of banks as well and these new regulations that could be coming into effect. haidi: jay powell of course reiterating to lawmakers that the central bank is in a rush to cut interest rates. powell saying that borrowing costs should come down this year but made clear policymakers are not ready to move yet. >> we believe our policy rate is likely at its peak for this tightening cycle. if the economy evolves...
0
0.0
Mar 7, 2024
03/24
by
MSNBCW
tv
eye 0
favorite 0
quote 0
, explain what is happening here and why people need to know. >> new york community bank took over portions of signature bank that failed in march and acquired another bank that had heavy exposure to commercial real estate which is in trouble. >> office buildings are empty and commercial real estate is struggling. >> they are now have entered the arena of some of the largest banks and they have had staggering losses because of their exposure to their two asset classes so as a consequence there is concern even with a billion-dollar infusion they got today that they may not yet be out of the woods and the question always is if a bank that large goes, does it cause other problems in the financial system to which the government will have to respond. it does not seem like that is the case now but that is always the risk. >> elizabeth thank you, always great to see you ron. when we return, what is at stake for the president at tomorrow's state of the union address. we will break down why it is so critical for his reelection campaign. when the 11th hour continues. ah, these bills are crazy. she ha
, explain what is happening here and why people need to know. >> new york community bank took over portions of signature bank that failed in march and acquired another bank that had heavy exposure to commercial real estate which is in trouble. >> office buildings are empty and commercial real estate is struggling. >> they are now have entered the arena of some of the largest banks and they have had staggering losses because of their exposure to their two asset classes so as a...
0
0.0
Mar 14, 2024
03/24
by
BLOOMBERG
tv
eye 0
favorite 0
quote 0
york community bank.are going to have to mark those assets to market. the loans will come due. there will be needs for new capital and institutions who get into more trouble. i don't think that this is like 2008, 2009 in terms of scale, but i do think that there will be some situations. that is what creates the opportunity. the perception is so negative, the headlines are negative, but the value decline has occurred. i'm not saying that it is v-shaped recovery, but the bottoming is when you want to try to move. sonali: when you say this -- francine: what you say that, you mean companies going bust? jon: with a particular focus on commercial real estate, as there has been a more profound impact in the office sector. i think that will create opportunities. we purchased a $17 billion mortgage loan portfolio from fbi c with signature bank. those are the opportunities. more might emerge. saying that it will lead to a broader systemic issue could be too much. francine: there is growing competition for retail pe
york community bank.are going to have to mark those assets to market. the loans will come due. there will be needs for new capital and institutions who get into more trouble. i don't think that this is like 2008, 2009 in terms of scale, but i do think that there will be some situations. that is what creates the opportunity. the perception is so negative, the headlines are negative, but the value decline has occurred. i'm not saying that it is v-shaped recovery, but the bottoming is when you...
0
0.0
Mar 8, 2024
03/24
by
CNBC
tv
eye 0
favorite 0
quote 0
the mood around new york community bank is changing.dy's changing it to review from upgrade over review from downgrade. >>> this weekend marks the one-year anniversary of the collapse of silicon valley bank and the shocks in the financial system. the biden administration is finding itself in a tough position to better regulate banks a year out. megan cassella joins us with more on the story. megan, good morning. >> good morning, frank. the push to raise capital bank requirements has been years in the making and one of the most concrete efforts to boost bank regulation since svb failed. the reporting shows opposition to the proposals is on track to delay finalization by what analysts say would be another year if not longer. regulators are left with two tough options at the moment. move forward with the rule as they have it with modest changes or face litigation from big banks or they could withdraw and start over. jay powell acknowledged for the first time this week that that is a real possibility. >> i will say we haven't made that deci
the mood around new york community bank is changing.dy's changing it to review from upgrade over review from downgrade. >>> this weekend marks the one-year anniversary of the collapse of silicon valley bank and the shocks in the financial system. the biden administration is finding itself in a tough position to better regulate banks a year out. megan cassella joins us with more on the story. megan, good morning. >> good morning, frank. the push to raise capital bank requirements...
0
0.0
tv
eye 0
favorite 0
quote 0
with new york community bank, their issue is multifamily and when we have not been discussing challenges that's palms. 50% of their portfolio is rent stabilized. kathy hochul said you can't raise rent rates that much. what that's done, the cost of servicing their debt has gone up astronomically because of where interest rates have headed. they've either had to refinance or on variable rate loans on these properties but they can't pass through any of those increases and they're getting squeezed because of that so this is yet just another situation where progressive policies are disrupting the free market system the and certainly putting banks in jeopardy. i mean, i don't even know who could step in if things end up going south with these guys to buy them. probably not jp morgan. maybe citigroup. i don't know. maria: who is there to pick up the pieces, right. jpm did it last time. but you made the point the last time we heard from jay powell that he took out that one line, that the banks system -- >> is resilient or whatever. i mean, obviously there are issues with the banking system and w
with new york community bank, their issue is multifamily and when we have not been discussing challenges that's palms. 50% of their portfolio is rent stabilized. kathy hochul said you can't raise rent rates that much. what that's done, the cost of servicing their debt has gone up astronomically because of where interest rates have headed. they've either had to refinance or on variable rate loans on these properties but they can't pass through any of those increases and they're getting squeezed...