New York Bank Facing Potential Collapse After Revealing $2,400,000,000 in Losses, Citing ‘Material Weakness’ in Risk Management
A New York bank with $113.9 billion in assets is on the brink after revealing its balance sheet is far worse than investors already knew. New York Community Bank (NYCB) initially triggered fears of a wider banking crisis when Moody’s downgraded its credit rating last month due to “multi-faceted financial, risk-management and governance challenges.” Now,...