New York | The US commercial real estate market has been in turmoil since the onset of the COVID-19 pandemic. But New York Community Bancorp and Japan’s Aozora Bank delivered a reminder that some lenders are only just beginning to feel the pain.
New York Community Bancorp’s decision to slash its dividend and stockpile reserves sent its share price down a record 38 per cent on Wednesday, with the fallout dragging the shares to a 23-year low on Thursday (Friday AEDT).
