Bank Crisis Resurfaces? New York Community Bank Stock Plummets 40% After Financial Report Release, Bitcoin Surges in Response

Bank Crisis Resurfaces? New York Community Bank Stock Plummets 40% After Financial Report Release, Bitcoin Surges in Response

Bank Crisis Resurfaces? New York Community Bank Stock Plummets 40% After Financial Report Release, Bitcoin Surges in Response

New York Community Bank (NYCB), which previously took over Signature Bank (now closed) in non-cryptocurrency related deposits, saw its stock price plummet by 42% at the opening today due to lower-than-expected profits and a significant reduction in dividends after the release of its financial report.

According to data from FactSet, the bank reported a loss of $0.36 per share in the fourth quarter, which was lower than the analysts’ expected earnings of $0.27 per share. In addition, NYCB also reduced its quarterly dividend to $0.05, a decrease of approximately 71% compared to the previous quarter.

In a statement, President and CEO Thomas Cangemi said:

“It is worth mentioning that the price of Bitcoin reversed its downward trend during the day and quickly rebounded above $43,000 after the opening of the US stock market.”

(Note: The provided translation assumes that “此前接手” means “which previously took over” and “非加密貨幣相關存款” means “in non-cryptocurrency related deposits”.)