Finance

NYCB Extends Rout After Latest Round of Credit Downgrades

Bank’s stock slumps 23%, adding to Friday’s 26% rout
Rating cuts threaten to increase NYCB’s borrowing costs

The New York Community Bank headquarters in Hicksville. — The New York Community Bank headquarters in Hicksville.
Photographer: Bing Guan/Bloomberg

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By Bre Bradham

March 4, 2024 at 5:32 PM UTC

Updated on

March 4, 2024 at 10:00 PM UTC

This article is for subscribers only.

New York Community Bancorp tumbled for a second straight day after a pair of rating downgrades threatened to boost the beleaguered bank’s borrowing costs.

Shares of the company fell 23% to close at the lowest level since 1996, after plunging 26% on Friday.