Why New York Community Bancorp Stock Is Down Today
Management of New York Community Bancorp (NYSE: NYCB) has accomplished a lot in a short amount of time to help solidify the future of this troubled regional lender. But the work has come at a great cost to existing investors.
Shares of New York Community Bancorp traded down 2% as of noon ET as investors digest a busy few days in the history of NYCB.
Banking tends to be a confidence game, and there was real reason to worry that depositors had lost confidence in New York Community and began stampeding for the exits as recently as last week. Earlier this year, the bank announced it was slashing its dividend and taking "decisive actions" to build capital, and it has since overhauled management and launched a probe into how it assessed risk.
Source Fool.com
