(Bloomberg) -- Commercial real estate lender New York Community Bancorp received an equity investment of more than $1 billion, gaining a vote of confidence...
-- Commercial real estate lender New York Community Bancorp received an equity investment of more than $1 billion, gaining a vote of confidence in the struggling lender from investors including former US Treasury Secretary Steven Mnuchin.
Mnuchin and Otting have worked together in a similar capacity before: Mnuchin led a group of billionaires that bought failed mortgage lender IndyMac in the wake of the 2008 financial crisis. After transforming the firm into OneWest, he hired Otting as CEO.Liberty, which counts Saudi Arabia’s Public Investment Fund among its backers, will invest $450 million. Other investors include Hudson Bay at $250 million and Reverence at $200 million, according to the statement.
NYCB is a major lender to owners of apartment buildings subject to tough New York rent laws, limiting the revenue units can generate. It also financed offices in a region beset by vacancies in the work-from-home era. “While painful for existing shareholders, it should quiet systemic concerns for NYCB,” Keefe, Bruyette & Woods analyst Christopher McGratty wrote in a note. “This should help broader sentiment for the bank group.”Humanoid Robots at Amazon Provide Glimpse of an Automated WorkplaceUranium rally: Sprott sees short supply supporting prices above US$100 per poundThe workforce reductions would primarily impact people working in Calgary and Houston, the company said in a statement to Reuters.
Archaeologists say they have discovered what may be the largest mass grave ever excavated in Europe at a site in southern Germany.NASA Concerned as Voyager 1 Sending Back Incomprehensible Code
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