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Feb 7, 2024
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something. >> the futures, meanwhile, holding steady nycb downgraded to junk.fox, and warner brothers creating a streaming sports alliance wednesday, february 7th, 2024. "squawk box" begins right now. ♪ >>> good morning and welcome to "squawk box" right here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. here we go let's take a look at what's happening with u.s. equity futures. yesterday markets closed higher, so they've been up three out of the last four days dow futures down s&p down by close to 3 and nasdaq down by ten treasury
something. >> the futures, meanwhile, holding steady nycb downgraded to junk.fox, and warner brothers creating a streaming sports alliance wednesday, february 7th, 2024. "squawk box" begins right now. ♪ >>> good morning and welcome to "squawk box" right here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. here we go let's take a look at what's happening with u.s. equity futures....
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Feb 7, 2024
02/24
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bloomberg analysts say nycb needs $4 billion to $6 billion to meet new requirements for regional bankstwo positions at once will create problems for them when selling debt obligations. ukrainian children died due to trials of a western-made vaccine. we are talking about a new drug from the american company pfizer. the study was carried out in strict secrecy, even by nurses. they believed that they were simply giving children flu shots. well, how is the head of the kiev regime connected with the deadly tests, and how many children have already died from the vaccine, margarita semenyuk found out. over the course of 3 months , about a thousand children were vaccinated in ukraine with a new drug from the american pharmaceutical company fizer. after 4 days after the start of the tests, the first child died. anna sakhno, senior researcher at the fayze division, talks about this in her video message on social networks. i have no words, we started these trials to help children, not to hurt or kill them, this is part of the documentation of the trial and we can see the mortality chart, as i sai
bloomberg analysts say nycb needs $4 billion to $6 billion to meet new requirements for regional bankstwo positions at once will create problems for them when selling debt obligations. ukrainian children died due to trials of a western-made vaccine. we are talking about a new drug from the american company pfizer. the study was carried out in strict secrecy, even by nurses. they believed that they were simply giving children flu shots. well, how is the head of the kiev regime connected with the...
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Feb 7, 2024
02/24
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although nycb is a mid-sized bank, these losses raise concerns about potential defaults in the market. the index of regional banks, which includes 24 organizations, showed the worst performance since the collapse of silkonveli bank. last year, the troubles of svb and other banks were associated with mistakes made in internal asset management. they had a very large amount of funds during the pandemic, and some banks did not understand what to do with by these means. svb and a number of other banks invested them in super-profitable government bonds and mortgage bonds, which in fact do not necessarily need to be in the portfolio. the bank was taken by surprise by the situation when the fed raised rates, which it had not done for a very long time. this situation worries me more because it is related to the direct functionality that we expect from the bank, that is, real estate financing. the fact is that the us commercial real estate market is under severe pressure from the federal backup system. from march twenty-two to july twenty-three, the regulator increased the key rate from almost
although nycb is a mid-sized bank, these losses raise concerns about potential defaults in the market. the index of regional banks, which includes 24 organizations, showed the worst performance since the collapse of silkonveli bank. last year, the troubles of svb and other banks were associated with mistakes made in internal asset management. they had a very large amount of funds during the pandemic, and some banks did not understand what to do with by these means. svb and a number of other...
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Feb 8, 2024
02/24
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analysts bloomberg argue that nycb needs between $4 billion and $6 billion to meet new requirements forg the credit rating immediately on... the position will create problems for them when selling debt obligations. the news of the series is brief: vladimir putin held a meeting with the country’s chief marovin , berl lazar, and the head of the federation of jewish communities, alexander boroda. the president said: after the escalation of the conflict in the middle east , russia is doing everything to free the hostages. american.
analysts bloomberg argue that nycb needs between $4 billion and $6 billion to meet new requirements forg the credit rating immediately on... the position will create problems for them when selling debt obligations. the news of the series is brief: vladimir putin held a meeting with the country’s chief marovin , berl lazar, and the head of the federation of jewish communities, alexander boroda. the president said: after the escalation of the conflict in the middle east , russia is doing...
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Feb 1, 2024
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nycb's fourth quarter earnings feeling a biting slump in quality thanks to loans with a coconuts multi family portfolio and an office c r e loan. for many bank investors, it was dij@ vu, eliciting fears of contagion akin to what they experienced last spring. even more ironic since nycb acquired part of signatures balance sheet from fdic receivership after that bank failed last march. the question now is whether and why see the's issues are isolated to that one bank or if it is broader systemic risk at. play analysts say the regional banks all of its likely overdone, quote, given idiosyncratic factors tied to nycb. the firm notes that nycb crossing 100 billion in assets threshold after acquiring signature kid subjects into a whole host of additional costly regulations. however, b f a notes that higher losses tied to commercial real estate, cra office exposure, faces of in loans had two multiple cnre our minor of ongoing credit normalization that we are likely to witness across the industry. and of course, yesterday's fomc meeting, pushing back against rate cuts being imminent, served as
nycb's fourth quarter earnings feeling a biting slump in quality thanks to loans with a coconuts multi family portfolio and an office c r e loan. for many bank investors, it was dij@ vu, eliciting fears of contagion akin to what they experienced last spring. even more ironic since nycb acquired part of signatures balance sheet from fdic receivership after that bank failed last march. the question now is whether and why see the's issues are isolated to that one bank or if it is broader systemic...
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Feb 9, 2024
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i think you're spot on that the event that happened at nycb is idiosyncratic. so we think that's actually what drove the provisions you saw, and we do not expect that to translate into some of the other regional banks in the sector. >> so i guess i'll flip it and ask you to speculate, ron. you can dodge, if you like. if nycb had not bought those assets, if they were still below a $100 billion in assets and scrutinized and regulated as that classification, not class four, do you think we would have seen the magnitude of the decline in the stock? >> yeah, that's a really good question. so when you think about commercial real estate, usually these loss realizations happen over time, right? over two or three or four-year period. and two things that we have to remember, the cycle is that, number one, commercial real estate is a $13 trillion asset class, but only a quarter is office. number two, most of the biggest lending that happens on commercial real estate does happen in the smallest banks in the u.s. they do about 27% of the lending. so to answer your question
i think you're spot on that the event that happened at nycb is idiosyncratic. so we think that's actually what drove the provisions you saw, and we do not expect that to translate into some of the other regional banks in the sector. >> so i guess i'll flip it and ask you to speculate, ron. you can dodge, if you like. if nycb had not bought those assets, if they were still below a $100 billion in assets and scrutinized and regulated as that classification, not class four, do you think we...
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Feb 29, 2024
02/24
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still ahead, we will have more on the nycb news, taking a huge hit to earnings. trying to navigate the turmoil. a lot to be discussing. this is bloomberg. ♪ >> we are due to get the data in a few hours. bloomberg economics think this will show activity falling back due to disruptions from the eight day lunar new year holiday. china's top leadership pledges to meet economic targets for the year and maintain social stability. the 24 member bureau will submit a government work report to a gathering of lawmakers next week. china's so-called to sessions, the national people's congress and a consultative congress began on monday. or correspondent looks at -- our correspondent looks at the challenges faced by leaders gathering in beijing. >> the ncp is china's annual session of parliament. convened usually every spring in the great hall of the people in central beijing. essentially the ncp sets the political agenda for the year ahead when the nearly 3000 delegates from around the country get their marching orders on day one in the form of a lengthy work report from the
still ahead, we will have more on the nycb news, taking a huge hit to earnings. trying to navigate the turmoil. a lot to be discussing. this is bloomberg. ♪ >> we are due to get the data in a few hours. bloomberg economics think this will show activity falling back due to disruptions from the eight day lunar new year holiday. china's top leadership pledges to meet economic targets for the year and maintain social stability. the 24 member bureau will submit a government work report to a...
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Feb 7, 2024
02/24
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one bank in focus since the end of january, nycb. we are talking about more than cutting in half of the market cap of this bank in more than a week. lisa: downgraded to junk. they cannot keep their staff around. their chief risk and audit officer departing last month. who is going to lead this bank. is this just a repeat of what we saw last year on every level with respect to community banks and are we seeing the beginning of that fear of contagion work into markets? jonathan: last year it was a rate shock and this year potentially a credit shock. it seems a perfect storm for commercial real estate. we've been talking about it for 12 to 18 months. higher rates, higher vacancy rates, and you have loans coming due. it is like the perfect storm for this particular spot of credit. lisa: this particular spot of credit and this particular bank. we were talking about a rate shock last year. now what you have are some of the loans coming due. do you see the delayed, differed rate shock, through anymore meaningful way? annmarie: someone in wa
one bank in focus since the end of january, nycb. we are talking about more than cutting in half of the market cap of this bank in more than a week. lisa: downgraded to junk. they cannot keep their staff around. their chief risk and audit officer departing last month. who is going to lead this bank. is this just a repeat of what we saw last year on every level with respect to community banks and are we seeing the beginning of that fear of contagion work into markets? jonathan: last year it was...
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Feb 7, 2024
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any one day, it could be random, and the nycb bank situation is creating some demand for bonds in theot to let you go. great to see you, as always. >> thanks. >> all right, so, courtney, what is your take on nycb and are you concerned about broader issues in the sector? >> no, and i think when you look at nycb what's interesting, regulators engineered them taking these assets from signature bank, so, there is some concern of what's going to happen with commercial real estate, but it would be interinterest ing for them to not have their back. they do have ample liquidity, so, i think a lot of this is just headline risk, and i don't see this as an issue. when you are looking in real estate, commercial real estate is going to be the area that's likely going to be lagging. in the real estate sector, you want to have things like data centers and other sectors of the real estate, but it's not necessarily something i'm concerned about when you look at the regional banks. >> carter, was today's bounce meaningful at all given how much the stock has declined? >> no, of course, because when you'
any one day, it could be random, and the nycb bank situation is creating some demand for bonds in theot to let you go. great to see you, as always. >> thanks. >> all right, so, courtney, what is your take on nycb and are you concerned about broader issues in the sector? >> no, and i think when you look at nycb what's interesting, regulators engineered them taking these assets from signature bank, so, there is some concern of what's going to happen with commercial real estate,...
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Feb 2, 2024
02/24
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another downgrade for nycb. >> ai lobbying exploding as businesses face the prospect of regulation andnd in d.c. >> a shakeup in the world of formula 1. lewis hamilton leaving mercedes to join ferrari. toto wolff joins us live to discuss the fallout and his plans from here. big show still ahead on this jobs day "squawk on the street" will be right back with the dow down 143 and the s&p and nasdaq higher. so, you've got the power of xfinity at home. now take it outside with xfinity mobile. like speed? it's the fastest mobile service around... and right now, you can get a free line of our most popular unlimited plan. all on the most reliable 5g network nationwide. ditch the other guys and you'll save hundreds. get a free line of unlimited intro for 1 year when you buy one unlimited line. and for a limited time, get the new samsung galaxy s24 on us. >>> couple days ago we got results from new york community bancorp. they were not good kicked off fresh concerns for the overall regional bank sector you can see that stock perhaps stabilizing a bit, but down almost 45% for the week. let's get
another downgrade for nycb. >> ai lobbying exploding as businesses face the prospect of regulation andnd in d.c. >> a shakeup in the world of formula 1. lewis hamilton leaving mercedes to join ferrari. toto wolff joins us live to discuss the fallout and his plans from here. big show still ahead on this jobs day "squawk on the street" will be right back with the dow down 143 and the s&p and nasdaq higher. so, you've got the power of xfinity at home. now take it outside...
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Feb 7, 2024
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nycb said they are in talks to fill those roles, however the lack of initial disclosure surrounding those departures coupled with concerns about the bank's cre exposure still has investors on edge, guys. >> very interesting, leslie. and of course, march marks the one year mark since we had that financial crash with some of those regionals. while we have you, can i ask about the reported new fund for retail investors? what we know about it? >> they have a publicly traded fund but that is listed abroad, in the uk, so this would be a specific fund marketed for u.s. investors and following u.s. rules. we can expect more of the same in terms of equity holdings. it's usually pretty concentrated book, although i believe it cannot be as concentrated as it can be, say, in the uk, where their current public vehicle is located. we don't know how much they are targeting a listing here, but of course, they are known for creative listings. you know, they did the largest back ever which didn't consummate a merger. then they did a spark, a reverse way of doing this. now the new u.s. listing is the latest
nycb said they are in talks to fill those roles, however the lack of initial disclosure surrounding those departures coupled with concerns about the bank's cre exposure still has investors on edge, guys. >> very interesting, leslie. and of course, march marks the one year mark since we had that financial crash with some of those regionals. while we have you, can i ask about the reported new fund for retail investors? what we know about it? >> they have a publicly traded fund but...
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Feb 29, 2024
02/24
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the issue which resulted from ineffective oversight, risk assessment, and monitoring activities, and nycb says the investigation is not yet complete, but a remediation plan will be disclosed in a 2023 10k. the company decided it needed to take an additional $2.4 billion charge to its fourth quarter earnings, as well. now, the company also announcing a new ceo, after having taken that executive chairman role shortly after the company's fourth quarter earnings. one director resigned in opposition of dinello as ceo so, remember, it was those fourth quarter numbers showing several troubled commercial real estate properties, that initially spooked the mark, began kind of the spiral that we've seen in shares those declines ultimately cut its share price in half, and obviously continuing the decent today in aftermarket trading, melissa. >> leslie, thank you leslie picker. shares down 15%. karen has been digging in. the timing of these resignations, very interesting they didn't happen just yesterday, today the the day before -- >> they happened on the 25th, on sunday and i don't know if they're s
the issue which resulted from ineffective oversight, risk assessment, and monitoring activities, and nycb says the investigation is not yet complete, but a remediation plan will be disclosed in a 2023 10k. the company decided it needed to take an additional $2.4 billion charge to its fourth quarter earnings, as well. now, the company also announcing a new ceo, after having taken that executive chairman role shortly after the company's fourth quarter earnings. one director resigned in opposition...
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Feb 13, 2024
02/24
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stocks, the bank stocks got knocked down and ended up being reasonable buys as a trade, i'm looking nycb as potential pop. we're buying call spreads. not buying stock. we're buying call spreads for a short-term upside trade. charles: sounds great, shah. always have unique takes. i'm glad you're on the show. thank you so much, my man. >> thank you. charles: all right, folks coming up we're so lucky because on a day like today you need perspective. we got it from two of the best. francis donald will wear both her investing hat and her economist hat and we have one of the greatest sages on wall street, just in time, sam stovall with words of wisdom how to make money when there is a lot of red on the screen. we'll be right back. ♪ after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" i'm thinking company wide power nap. [ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything. moving forward with node-positive breast cancer is overwhelming. but i never just found my
stocks, the bank stocks got knocked down and ended up being reasonable buys as a trade, i'm looking nycb as potential pop. we're buying call spreads. not buying stock. we're buying call spreads for a short-term upside trade. charles: sounds great, shah. always have unique takes. i'm glad you're on the show. thank you so much, my man. >> thank you. charles: all right, folks coming up we're so lucky because on a day like today you need perspective. we got it from two of the best. francis...
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Feb 7, 2024
02/24
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, but in the meantime the company reported larger than expected losses from real estate lending and nycb'smaterial impact and the deposit ratings are still investment grade as of monday, nycb has about $17 billion in cash on its balance sheet and $83 billion in deposits treasury secretary janet yellen was asked about the troubled lender and she commented on the situation without mentioning the bank's name. >> we are monitoring current banking stresses carefully commercial real estate is an area that we have long been aware could create financial stability risks or losses in the banking system >> new york community bancorp is the seventh largest originator of mortgages and the fifth largest subservicer of mortgage loans. >>> when we come back, a cnbc investigation looking into whether investor owned utility companies are properly assessing the risks that wildfires pose to their operations cnbc's brian sullivan will join us next with that story and so much more. "squawk box" rolls on. (♪♪) (♪♪) (♪♪) book in the hotels.com app to find your perfect somewhere. (ella) fashion moves fast. book in
, but in the meantime the company reported larger than expected losses from real estate lending and nycb'smaterial impact and the deposit ratings are still investment grade as of monday, nycb has about $17 billion in cash on its balance sheet and $83 billion in deposits treasury secretary janet yellen was asked about the troubled lender and she commented on the situation without mentioning the bank's name. >> we are monitoring current banking stresses carefully commercial real estate is...
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Feb 7, 2024
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and the premarket picture today is not pretty either looks like stock is down earlier this morning nycb responded to the downgrade saying it has total liquidity of $37 billion, which it says exceeds its uninsured deposits with its coverage ratio. the ceo said moody's downgrade is not expected to have material impact on its contractual arrangements. >>> and elsewhere, ai has sent microsoft shares sharply higher. speaking exclusively to cnbc, he outlines his views on the future of technology. >> a lot has happened since last year i was excited about the prospect of what ai could mean. i was very stunned even at that point seeing how some of the leading model work done was diffusing in india and even something like the public sector, right? that was the first time i saw that coupled with gdp. it was like, really, like a drop the mic moment we come back a year after and we're no longer talking about ai some of the use cases i talked about this morning, i saw from customers, commercial customers, nonprofit organizations. i think this is the fastest rate of diffusion of anything new i've ever
and the premarket picture today is not pretty either looks like stock is down earlier this morning nycb responded to the downgrade saying it has total liquidity of $37 billion, which it says exceeds its uninsured deposits with its coverage ratio. the ceo said moody's downgrade is not expected to have material impact on its contractual arrangements. >>> and elsewhere, ai has sent microsoft shares sharply higher. speaking exclusively to cnbc, he outlines his views on the future of...
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Feb 1, 2024
02/24
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beat -- nycb or something systemic? hermann: a little bit of both.he video syncretic part is when they acquired signature bank last year they tipped over the $100 billion asset mark which ushers in higher capital requirements and will require them to undergo the stress test this year. in order to prepare they needed to shore up their reserves, loan loss reserves and capital. that is the idiosyncratic part. the systemic part might be towards office commercial real estate and specific to them they have a big multifamily apartment lending component which is a bit constrained in this current environment with high interest rates and regulations. katie: you mentioned that there are a lot of issues here. quickly, are we going to see other banks pop up with the cre issues? herman: the issue will be an elongated cycle. we could see losses in 2024. it could happen over the next few years as the loans matured. the other good thing is that banks are prepared because they know that the cycle is coming so they have built up a lot of reserves. the citizen ceo menti
beat -- nycb or something systemic? hermann: a little bit of both.he video syncretic part is when they acquired signature bank last year they tipped over the $100 billion asset mark which ushers in higher capital requirements and will require them to undergo the stress test this year. in order to prepare they needed to shore up their reserves, loan loss reserves and capital. that is the idiosyncratic part. the systemic part might be towards office commercial real estate and specific to them...
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Feb 7, 2024
02/24
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when i look at nycb i think it's more of an isolated incident today.ther regionals, fifth third, western alliance, there are a number of institutions that i think are sound and should prosper as the fed cuts rates down the road thinking about the systemic risk and where we stand, as an organization we are -- we don't have any legacy real estate exposure you look at the business, they have a niche in the way they invest capital, returns fantastic over the course of their 20 plus years. it's early i know you have a lot of different folks that come and sit on the show. you have to be really thoughtful we have dabbled a little bit in office here recently at the rhythm level we're in a period of time when investing is, we'll see some of the greatest commercial real estate investing in our careers. you go back to the rtc days, going back to the early '90s, the.com period, go to the great financial crisis and out of covid i think you'll see attractive returns >> yesterday scott reckler joined us, raising a distress fund with airies, i'm sure you know you're d
when i look at nycb i think it's more of an isolated incident today.ther regionals, fifth third, western alliance, there are a number of institutions that i think are sound and should prosper as the fed cuts rates down the road thinking about the systemic risk and where we stand, as an organization we are -- we don't have any legacy real estate exposure you look at the business, they have a niche in the way they invest capital, returns fantastic over the course of their 20 plus years. it's...
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Feb 1, 2024
02/24
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sector, specifically in smaller and medium sized banks, due in part to that new york commercial bank, nycbssive drop yesterday tied to that surprise loss, a slash in the dividend by 70%. it lost 78% of its value yesterday, another 4% right now, well off session lows at this point. so there's a bit of dip buying, whether it's fundamentally driven or just short covering, who knows? but a mix of the two there it's lost roughly 38% to 40% of its value in two days. western alliance, valley national, webster, among some of the bigger regional bank names that are moving down in sympathy with concerns about commercial real estate. keep an eye on regional banks. and then you mentioned that terrific three, magnificent seven, terrific whatever it is right now at this point. well, apple, amazon, and meta platforms of course are going to be in focus, all up today after losing some steam yesterday. all three report earnings, and i know you like these stats, apple right now, the options market is pricing in a plus or minus 3.5% move for amazon and meta platforms, both for these, you're talking plus or mi
sector, specifically in smaller and medium sized banks, due in part to that new york commercial bank, nycbssive drop yesterday tied to that surprise loss, a slash in the dividend by 70%. it lost 78% of its value yesterday, another 4% right now, well off session lows at this point. so there's a bit of dip buying, whether it's fundamentally driven or just short covering, who knows? but a mix of the two there it's lost roughly 38% to 40% of its value in two days. western alliance, valley national,...
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Feb 8, 2024
02/24
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from that standpoint it seems like the issues are more focused on nycb at this point.onali: one thing we pointed out is that they could offload assets, residential mortgages but it is commercial real estate that they are worried about. is there enough private capital to step in and save the day? sridhar: what they are trying to do is offload some of the risk and free up some capital about a $5 billion market portfolio or may be some sort of synthetic risk transfer so that the risk is transferred away from the bank. and there is some appetite for those things. they had started shopping that even before the problems emerge. they are also thinking about the rv loan portfolio. some of those can still happen. that is not really focused on commercial real estate. there is the ability to carry out some of those transactions but the big commercial real estate issue would remain a problem for the sector because at the smaller banks and regional banks commercial real estate makes up about 29% of the assets on the balance sheet compared with 6.5% at the big banks. that is why new
from that standpoint it seems like the issues are more focused on nycb at this point.onali: one thing we pointed out is that they could offload assets, residential mortgages but it is commercial real estate that they are worried about. is there enough private capital to step in and save the day? sridhar: what they are trying to do is offload some of the risk and free up some capital about a $5 billion market portfolio or may be some sort of synthetic risk transfer so that the risk is...
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Feb 7, 2024
02/24
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if you are not familiar with them, you live on the west coast, midwest, whatever nycb has 420 branches, more than $420 billion in assets, america's seventh largest mortgage originator. it is a big bank the minneapolis fed addressed some of the problems and fears of risk earlier on "squawkbox. >> we think it's going to be on a bank by bank basis where pressures flare up, and supervisors are in close contact with other supervisors around the country and with bank management to monitor their portfolio. it's something we're watching very carefully most of commercial real estate is doing well, it's just the office segment >> it's not a simm systemic isse there are three questions supervisors have to ask. joining us is robert kaplan, co-chair of the draper richards kaplan foundation. good to see you again on cnbc. thank you. i hope i made the point, new york community bank is not some small, local bank with a couple of branches. this is a gigantic bank. >> it's the 35th largest bank in the united states, and just for context, there's 4,150 banks in the united states. >> top 2%. >> yeah. ther
if you are not familiar with them, you live on the west coast, midwest, whatever nycb has 420 branches, more than $420 billion in assets, america's seventh largest mortgage originator. it is a big bank the minneapolis fed addressed some of the problems and fears of risk earlier on "squawkbox. >> we think it's going to be on a bank by bank basis where pressures flare up, and supervisors are in close contact with other supervisors around the country and with bank management to monitor...
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Feb 6, 2024
02/24
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side of the atlantic and pacific, take a look at what's happening with new york community bank corps, nycb, down 14% today, $4.63 so far. again, remember, this company reported a surprise loss, boost in loan loss reserves. we're hearing some commentary out of janet yellen about the risks in commercial real estate to certain parts of the overall market. on-balance regional banks is still a focus today. back over to you. >> dom, thum. -- thank you very much. >>> the big thing in the economy is layoffs. 32,000 tech jobs have been cut so far this year. of course, we're only in february. yesterday, snap announced it was eliminating 10% of its workforce. and that trend may continue. the next guest says silicon valley is all in on financial discipline. joining us now is sam lessen, general partner at ventures. the overall jobs number for america are good, we know that. last month was a blowout. so what's happening in silicon valley? >> efficiency. i think the reality is for a long time, silicon valley was crushing it, and the big tech companies, they weren't so concerned about the bottom line. pe
side of the atlantic and pacific, take a look at what's happening with new york community bank corps, nycb, down 14% today, $4.63 so far. again, remember, this company reported a surprise loss, boost in loan loss reserves. we're hearing some commentary out of janet yellen about the risks in commercial real estate to certain parts of the overall market. on-balance regional banks is still a focus today. back over to you. >> dom, thum. -- thank you very much. >>> the big thing in...
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this is the reaction to the new york community bank's worrisome earnings eight days ago, you know, nycb -- we've been covering this at the top of the show for the past couple of days because it's been a bit frightening -- cratering 29% over the past couple of days. but it doesn't appear that anyone who's investing in the major indices is too concerned. that's on the surface. what are you seeing when you dig a bit more deeply? >> no, and that's very true, liz. what concern there? what we're seeing is record option volume, and that option volume picking up on the call side. not just, you know, at the money calls, slightly out of the money calls, we are seeing the institutions and big retail, you know, enterprises come in and buy bigtime out of the money, upside calls. and what that has done in the market, it has given a skew when we look at price of call versus put options. it has given one of the largest skews i have ever seen in my 35 years to the upside. even in stocks like microsoft, meta, alphabet. but then you get to the stocks ahead of earnings like an amd we had last week, nvidia
this is the reaction to the new york community bank's worrisome earnings eight days ago, you know, nycb -- we've been covering this at the top of the show for the past couple of days because it's been a bit frightening -- cratering 29% over the past couple of days. but it doesn't appear that anyone who's investing in the major indices is too concerned. that's on the surface. what are you seeing when you dig a bit more deeply? >> no, and that's very true, liz. what concern there? what...
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and i think, you know, nycb is an example of where the trade-off is. so they absorb the assets of signature bank, they merged with another bank in '22, and they got big. they're above $100 billion now, and we're seeing maybe there were some challenges there as they got bigger. if you want to restrict, you know, the ability of the biggest banks to get bigger, there was a lot of unhappiness when jpmorgan bought first republic. you talked about a it on your show. you know, i think that's going to be a challenge here for regulatory policymakers, is how are you going to resolve these small institutions, and, you know, do it -- you want to get the most money for the taxpayer when the fdic gets involved. you don't want to create even more too big to fail, but you also don't want to create new messes in these newly-large institutions. liz: got it. nick, stay with us. i want to bring in gary with kaltbaum with of kaltbaum capital management because this is the market, the equity piece of it. gary, nobody's worried. i mean, we are now within 2 points, i'm watchi
and i think, you know, nycb is an example of where the trade-off is. so they absorb the assets of signature bank, they merged with another bank in '22, and they got big. they're above $100 billion now, and we're seeing maybe there were some challenges there as they got bigger. if you want to restrict, you know, the ability of the biggest banks to get bigger, there was a lot of unhappiness when jpmorgan bought first republic. you talked about a it on your show. you know, i think that's going to...
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Feb 13, 2024
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nycb trades at .4 price to tangible book. that's not the one you need to go get, but the price is, commercial real estate trends in other areas any better? they're not. and they're at least going to continue to percolate. that's what everyone has said here. loans are going to roll off. sweetheart leases that a lot of the landlords have are going to roll off. >>> coming up, a huge slate of earnings to bring to you. after today's major selloff, could some of the big moves afterhours set the stage for a big bounce-back tomorrow? the numbers out of all the quarters ahead. >>> plus, a pulse check on energy. nat gas down near ly 50%. the reasons behind the big move and how to trade it, when "fast money" returns. move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. welcome to ameriprise. i'm sa
nycb trades at .4 price to tangible book. that's not the one you need to go get, but the price is, commercial real estate trends in other areas any better? they're not. and they're at least going to continue to percolate. that's what everyone has said here. loans are going to roll off. sweetheart leases that a lot of the landlords have are going to roll off. >>> coming up, a huge slate of earnings to bring to you. after today's major selloff, could some of the big moves afterhours set...
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Feb 1, 2024
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and as we dip to the 100-day moving average, we'll be at a buy juncture as to the sort of the culprit nycbhing to point out, where did it plunge to? it went to its april lows. and that is such a testament to t technical. it's not a price to book that it stopped today there. it's not enterprise value b ebitda it's that key levels matter. look at the last chart, a long-term chart. i mean, this stock peaked, remarkably, in q-1 of '04. that's 20 years ago at $36 it's been not working ever since. what would make it work now? stay away. >> carter, thank you carter braxton worth of worth charting some people today, you know, they've examined things, the company's conference call, et cetera they say that maybe this is idiosyncratic, but if that's the case, do you buy the regional bank index >> i don't know why you would. and i know yesterday brought up -- because it was a jeffries note that said these are idiosyncratic, but commercial real estate isn't. and it's a lagging indicator it's just starting to show some signs. it doesn't mean they're all going through this and there are different regions
and as we dip to the 100-day moving average, we'll be at a buy juncture as to the sort of the culprit nycbhing to point out, where did it plunge to? it went to its april lows. and that is such a testament to t technical. it's not a price to book that it stopped today there. it's not enterprise value b ebitda it's that key levels matter. look at the last chart, a long-term chart. i mean, this stock peaked, remarkably, in q-1 of '04. that's 20 years ago at $36 it's been not working ever since....
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Feb 5, 2024
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look at nycb last week, that was pretty bad but that was nycb because they passed the 100 billion thresholdr them and forced them to increase their liquidity and increase their reserves. is that a harbinger of future bad things happening in office real estate? maybe but it's confined to office real estate. >> for micb, it wasn't just the regulators. it was the regulators but also -- >> and they had charge offs. >> office real estate is confined to certain community banks and regional banks. it's not a big bank problem. it's a cmbs problem. investors will have losses. i just don't see a systemic or big problem at this point that's going to hurt the economy. >> we were talking earlier about the inverted yield kufcurve andw long it takes for a recession, and it's super bowl week, and i don't even know which team i'm supposed to -- because i know it doesn't work, i don't even remember whether it was the nfc or afc team. >> it was the original afc team if they win, the market goes up. >> we stop following it because it doesn't work. can we throw the inverted yield curves happen here? >> i don't
look at nycb last week, that was pretty bad but that was nycb because they passed the 100 billion thresholdr them and forced them to increase their liquidity and increase their reserves. is that a harbinger of future bad things happening in office real estate? maybe but it's confined to office real estate. >> for micb, it wasn't just the regulators. it was the regulators but also -- >> and they had charge offs. >> office real estate is confined to certain community banks and...
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Feb 12, 2024
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take a look at nycb today. news of insider purchases on friday including the new executive chair danelo. month to date stock went from 10.5 to 3.5 back to a.5. stop trading with jim after a orbrk. n'goway.sht ea you always got your md on the green. not you. you! your business bank account with quickbooks money now earns 5% apy. (♪♪) that's how you business differently. intuit quickbooks. you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world. billy idol just stole your golf cart! ( ♪♪ ) feel the power of osteo bi-flex®. taken every day, it's clinically shown to improve joint comfort in 7 days, with significant improvement over time. ( ♪♪ ) you're probably not easily per
take a look at nycb today. news of insider purchases on friday including the new executive chair danelo. month to date stock went from 10.5 to 3.5 back to a.5. stop trading with jim after a orbrk. n'goway.sht ea you always got your md on the green. not you. you! your business bank account with quickbooks money now earns 5% apy. (♪♪) that's how you business differently. intuit quickbooks. you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know...
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Feb 1, 2024
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to cut, this is your spring loaded play >> one reason people think rates may come down is names like nycbtoday jeffries rbc, moody's puts it on watch, jim it's an inside day so far. >> there, i think they bit off more than they could chew. >> with the acquisition of signature banks after the turmoil from last strpring. this feels more like a typically bad and worrisome bank quarter than what we saw in the spring, where you had these kind of uniquely positioned banks with large amounts of uninsured deposits lending to particular industries and having bond portfolios on a mark to market basis that were way out of whack. >> commercial real estate, residential real estate. >> we had some big losses. >> i would say it's more of a thoughtless buy. i always wondered why -- >> they did come in for a new level of regulation, given their asset size now exceeded $100 billion >> on the multifamily frequent is that some of the changes to rent loss? >> co-ops. i'm surprised they were -- a little more due diligence would have made it so that bank was crushed. that bank was always one of the weaker when
to cut, this is your spring loaded play >> one reason people think rates may come down is names like nycbtoday jeffries rbc, moody's puts it on watch, jim it's an inside day so far. >> there, i think they bit off more than they could chew. >> with the acquisition of signature banks after the turmoil from last strpring. this feels more like a typically bad and worrisome bank quarter than what we saw in the spring, where you had these kind of uniquely positioned banks with large...
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Feb 12, 2024
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shares still cut in half over the last week and a half following a surprise loss and dividend cut from nycbwork, rather, i should say, reducing exposure to travel commercial real estate. joining us to do talk about this and so many other things, elon musk and many other things jay clayton here. former s.e.c. chairman and cnbc contributor. start, though, there, which is, how concerned should the market be about banks broadly speaking, this bank in particular? >> okay. going back to market regulation. >> yep. >> to avoid systemic risk. look at it in three ways. sort of broad systemic risk, f stock, oversight counsel, is the difficulty in commercial real estate going to transmits to the rest of the economy? circa 2008. people are looking at that. >> yep. >> next level down, commercial real estate stress in the banking ector. what's going to happen to individual banks? >> yep. >> there are problems. >> okay. >> it's not -- and it's not at the top, not top of the stack. it's much more in the $1 the 1 , 10 million banks outside pror po proportion s.e.c. and enough hedging and adjusting so you don
shares still cut in half over the last week and a half following a surprise loss and dividend cut from nycbwork, rather, i should say, reducing exposure to travel commercial real estate. joining us to do talk about this and so many other things, elon musk and many other things jay clayton here. former s.e.c. chairman and cnbc contributor. start, though, there, which is, how concerned should the market be about banks broadly speaking, this bank in particular? >> okay. going back to market...
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Feb 8, 2024
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when you saw that with nycb, is this something you talked about collectively?etary said, is a known issue. i was in d.c. yesterday doing a roundtable with some real estate executives. that is a market struggling to come back. you can feel the stress in the commercial real estate area, particularly downtown office. many banks and nonbanks have exposure. important to take into account in terms of stability. but it is not a new kind of risk. we have gone through real estate cycles. it wouldn't stun me if a bank or two ended up wrongfooted, but the system knows that real estate is an acid with a certain amount of risk. i hope and expect we have enough capital to whether that. lisa: people have speculated the fed would cut rates in response to another bank failure. do you think that is an accurate assessment, is that not the correct channel of response? that is what is pooping the market, a lot of people are saying. tom: you have to take into account when you think will happen to employment and inflation. if the economy were to turn south, that is a case for normali
when you saw that with nycb, is this something you talked about collectively?etary said, is a known issue. i was in d.c. yesterday doing a roundtable with some real estate executives. that is a market struggling to come back. you can feel the stress in the commercial real estate area, particularly downtown office. many banks and nonbanks have exposure. important to take into account in terms of stability. but it is not a new kind of risk. we have gone through real estate cycles. it wouldn't...