NYCB Extends $4.5 Billion Stock Rout to Lowest Level Since 1997
- Stock has plunged since its earnings report last week
- Regional banks have trailed broader market since NYCB’s report
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New York Community Bancorp sank by double digits for the fourth time in five days, extending a rout that was triggered last week by a surprise quarterly loss and move to slash its dividend.
Shares of the lender slumped 22% on Tuesday, closing at the lowest level since 1997. The stock has now slumped about 60% since its earnings release on Jan. 31, erasing roughly $4.5 billion from its market capitalization.