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☆ Global police agencies take down massive scam website that defrauded thousands of victims
▼ + stars: | 2024-04-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Seksan Mongkhonkhamsao | Moment | Getty ImagesA huge fraud website used by thousands of criminals to trick people into handing over personal information such as email addresses, passwords and bank details, has been infiltrated by international police. Britain's Metropolitan Police said in a statement Thursday that the website, called LabHost, was used by 2,000 criminals to steal users' personal details. Police have so far identified just under 70,000 individual U.K. victims who entered their details onto a website linked to LabHost. LabHost obtained 480,000 credit card numbers, 64,000 PIN codes, as well as more than 1 million passwords used for websites and other online services, the Metropolitan Police said. The Metropolitan Police said that up to 25,000 victims in the U.K. have been contacted by police to notify them that their data has been compromised.

Persons: LabHost, Dame Lynne Owens, Owens Organizations: Britain's Metropolitan Police, Police, Metropolitan Police, The Metropolitan Police, Metropolitan Police Service, Intel, Microsoft, Shadowserver Foundation, Trend, Cyber Defence Alliance, National Crime Agency, City of London Police

☆ AMD rolls out its latest chips for AI PCs as competition with Nvidia and Intel heats up
▼ + stars: | 2024-04-16 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

AI PCs are personal computers equipped with processors designed to perform AI tasks, such as real-time language translation and summarization. Referring to them as the most powerful chips yet for business PCs, AMD said the Ryzen Pro 8040 series processors for laptops and the Ryzen Pro 8000 series processors for desktops are built with the advanced 4-nanometer technology. These new AMD chips will compete against Nvidia's and Intel's chips that are specifically designed for AI PCs. Instead, it outsources the manufacturing of its chips to semiconductor foundries, mainly to the world's largest contract chipmaker Taiwan Semiconductor Manufacturing Company . AMD and Intel have talked up AI PCs as a new era for the industry.

Persons: Omar Marques Organizations: Getty Images, Nvidia, Intel, AMD, HP, Lenovo, Taiwan Semiconductor Manufacturing Company, TSMC Locations: POLAND

☆ That lipstick review could have been written by AI
▼ + stars: | 2024-04-12 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +5 min

I purchased the Haus Labs foundation after watching a glowing review of the product by a makeup influencer on TikTok. That's where online reviews come in: For beauty, especially, reviews from influencers and regular people are crucial. Content Coach gives users prompts of key topics to include in their review, based on common themes in other reviews. "In terms of generative AI, if people can't trust whether a product review is genuine and written by a real user, they might choose to shop elsewhere," said Marissa Jones, the company's senior vice president of product. AI-powered reviews will certainly be great for beauty brands that want more high-quality reviews.

Persons: it's, Selena, Marissa Jones, Bazaarvoice, Chanel, Reilly Organizations: Service, Haus Labs, Business, Fashion, L'Oréal, Clarins, FTC, Walmart, eBay Locations: TikTok, Pacifica

☆ Becca Speak: A surfing injury left her speechless. Now, this pro surfer is raising awareness of head injury.
▼ + stars: | 2024-04-10 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +7 min

“I didn’t really know what was happening. Romero has her own experience with head injuries, after sustaining a TBI snowboarding while she was in high school. It was a pretty serious brain injury,” she told CNN Sport. Romero and co-director Anna Wilder Burns wanted to use Speak’s story to raise awareness of the impact of brain injuries. Throughout her treatment, Speak realized she had been living with the effects of her untreated head injuries for most of her adult life.

Persons: Becca Speak, ’ …, ”, she’s, Jordyn Romero, Romero, “, –, Anna Wilder Burns, Burns, ’ ” Burns, I’ve, ” “ Organizations: CNN, Billabong, CNN Sport, US Centers for Disease Control, CDC, Nature

☆ A startup is using AI to place products within YouTube and TikTok videos, creating a new type of ad for brands and creators
▼ + stars: | 2024-04-09 | by ( Amanda Perelli | Lauren Johnson | ) www.businessinsider.com time to read: +6 min

Read previewIn an October YouTube video, lifestyle creator Shelby Church talks about quitting Airbnb. This new ad structure that's being incorporated into YouTube and TikTok videos could help generate passive revenue for creators. That's similar to the model for Google's AdSense program for the standard ads that air during a YouTube video. In creator videos, product placement has mainly appeared in the background of show-like setups, like video podcasts. Rembrand's AI tool creates and places the adRembrand aims to use AI to make product placement easier for brands and creators.

Persons: —, Shelby, seltzer, doesn't, Cory Treffiletti, Rembrand, Charles Schwab, Garnier, Treffiletti, We've, We're, we're Organizations: Service, Shelby Church, YouTube, Business, Bubly, UTA Ventures, United Talent Agency, Adobe Locations: Airbnb, Greycroft

☆ 7 of the best scents to wear this spring, according to professional perfumers
▼ + stars: | 2024-04-06 | by ( Cheyenne Lentz | ) www.businessinsider.com time to read: +5 min

Silent florals continue to be popularMany familiar scents from the garden, including lilac, are popular in spring fragrances. Citrus and fruity scents have uplifting and refreshing qualitiesFresh culinary scents including citrus and other fruits are popular notes for spring fragrances. Oscar Wong/Getty Images"Citrus scents are always popular for spring, as they bring a refreshing and uplifting feel," Gavarry said. Indulgent scents, such as vanilla, are on the riseToday's consumers are being drawn to scents that delight and allow you to escape, according to Gavarry. With that, there has been a growing interest in scents that are more indulgent and pleasurable, and this will likely continue through spring.

Persons: —, perfumers, Clement Gavarry, Rodrigo Flores, Roux, Tom Ford, Woody, Gavarry, florals, Christophe Lehenaff, hyacinth, Flores, Oscar Wong Organizations: Service, McKinsey & Company, Business, Inter Parfums, Dolce Locations: Givaudan, Swiss, gardenia

☆ Elon Musk’s X is back to giving out free blue checks. It’s no surprise they were a tough sell
▼ + stars: | 2024-04-04 | by ( Clare Duffy | ) edition.cnn.com time to read: +5 min

New York CNN —It appears that Elon Musk has finally (mostly) given up on trying to make paid blue checks on X a thing. The return of the free blue check may be a sign that the blue check subscription business hasn’t panned out the way that Musk hoped. Musk’s purge of legacy blue checks was a messy, months-long process. And when anyone could buy a blue check, it was no longer an exclusive symbol that conferred some kind of status. Within hours of the unpaid blue checks reappearing, users were sharing advice about how to ensure they didn’t show up on their profiles.

Persons: Elon Musk, Musk, —, hasn’t, ”, Jason Goldman, Twitter’s, Eli Lilly, Eli Lilly’s, Stephen King, LeBron James, Matt Navarra, ” Goldman, X, “ Dear Elon Organizations: New, New York CNN, Twitter, Nintendo, Elon Locations: New York

☆ Wall Street firm forecasts more upside for 2 portfolio industrial stocks and upgrades another. Where we stand
▼ + stars: | 2024-04-02 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

A Wall Street firm on Tuesday struck a favorable chord on a trio of industrial holdings, reaffirming the Club's forecast for upside in shares of Stanley Black & Decker and Honeywell International . In light of the upbeat Barclays note, here's a closer look at where analysts and the Club stand on Eaton, Stanley Black & Decker and Honeywell. Barclays argued the worst is likely behind Stanley Black & Decker's crucial tools business, which is in the midst of 11 consecutive quarters of volume declines. Our price target on the stock is $110 per share, which we set after its quarterly earnings results in August. The Club reaffirmed our buy-equivalent 1 rating and price target after the company's Feb. 1 quarterly earnings release .

Persons: Stanley Black, Decker, Eaton, here's, Jim Cramer, … Eaton, We've, Jim, Vimal Kapur, Kapur, Jim Cramer's, Daniel Barry Organizations: Stanley, Honeywell International, Barclays, Honeywell, Eaton, Bloomberg News, CNBC, Bloomberg, Getty Locations: Eaton, Tuesday's, SWK, Morristown , New Jersey

☆ These undervalued dividend stocks are poised for a rebound, according to Wall Street
▼ + stars: | 2024-04-01 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Investors looking for income along with potential capital appreciation may want to check out a few underperforming dividend stocks. Still, dividend stocks tend to do well during periods of economic recovery, which is now underway, Bank of America said recently . At least 51% of analysts covering these stocks rate them a buy or overweight, and the names have at least 10% upside to the average price target, according to FactSet. Here are those stocks: Mondelez currently has a 2.4% dividend yield and 20% upside to the average price target. About 65% of the analysts covering the stock rate it a buy or overweight, per FactSet.

Persons: Savita Subramanian, Mondelez, Dirk Van de, Christopher Del Moral, Niles Organizations: Bank of America, CNBC, Oreo, Ritz, Chesapeake Energy, Southwestern Energy, East West Bancorp Locations: U.S, Europe, snacking, Marcellus Shale, East

☆ Jim Cramer's week ahead: Nonfarm payroll data and Disney's proxy fight comes to a head
▼ + stars: | 2024-03-28 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Thursday guided investors through next week's Wall Street action, saying to pay attention to new nonfarm payroll data and Walt Disney's annual shareholder meeting, where its long and arduous proxy fight will come to a head. "Keep an eye on the employment report, because everything else that's coming next week pales in comparison — even the no-holds-barred Disney proxy fight." On Monday, Cramer expects decent earnings from PVH , an apparel maker known for brands including Calvin Klein and Tommy Hilfiger. Walt Disney 's annual shareholder meeting will take place on Wednesday, bringing an end to the company's monthslong bitter proxy fight with activist investor Nelson Peltz. On Friday, the U.S. Department of Labor will release the nonfarm payroll report, and Cramer said he's expecting strong figures.

Persons: CNBC's Jim Cramer, we'll, Cramer, Calvin Klein, Tommy Hilfiger, he's, Walt Disney, Nelson Peltz, Levi Strauss, Conagra, Slim Jims, Orville Redenbacher's, Boyardee, haven't Organizations: Walt, Disney, Enterprise Products Partners, U.S . Department of Labor Locations: Paychex

☆ We Spent Months With India’s Sugar Cutters. Here’s What We Found.
▼ + stars: | 2024-03-24 | by ( Megha Rajagopalan | ) www.nytimes.com time to read: +1 min

Women who cut sugar cane in the Indian state of Maharashtra are getting unnecessary hysterectomies, often as a way to keep working, undistracted by periods, pregnancies or gynecological checkups. My colleagues and I traveled across the impoverished district of Beed, which is home to many migrant sugar-cane workers. We visited tiny villages and met laborers in their homes. We talked to their employers, visited sugar mills, interviewed doctors and reviewed medical records. We interviewed women who cut sugar cane for companies that supply household brands including Coca-Cola and a major franchisee of PepsiCo, which have helped make the state a powerhouse for sugar, one of India’s most important industries.

Organizations: PepsiCo Locations: Indian, Maharashtra, Beed

☆ Zara owner Inditex climbs to all-time high as 2023 sales jump 10%
▼ + stars: | 2024-03-13 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Shopper carrying two large shopping bags from the clothing retailer Zara on Oxford Street on 5th February 2024 in London, United Kingdom. Oxford Street is a major retail centre in the West End of the capital and is Europes busiest shopping street with around half a million daily visitors to its approximately 300 shops, the majority of which are fashion and high street clothing stores. Sales increased by 10.4% to 35.9 billion euros for the year, the company said, signaling this was a record high. Net income also reached a fresh high, after soaring by 30.3% from 2022 to reach 5.4 billion euros last year. Zara, including the Zara Home range, was the biggest contributor to sales in 2023, followed by Pull & Bear and Massimo Dutti, Inditex said on Wednesday.

Persons: Zara, Mike Kemp, Inditex, Oscar García Maceiras, Bershka, Massimo Dutti Organizations: United Kingdom ., Getty, Las Locations: London, United Kingdom, Zara, Los Angeles, Las Vegas, Spanish

☆ Babies R Us is coming to about 200 Kohl's stores
▼ + stars: | 2024-03-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Kohl's said Tuesday that it's teaming up with the owner of Babies R Us to bring baby gear, furniture and more to approximately 200 of its stores across the country. In a news release, Kohl's said the first Babies R Us shops will open this August and expand to more stores in the fall. Kohl's said the shops will range from 750 to 2,500 square feet, and will add more brands and merchandise to Kohl's baby category. As of Monday's close, Kohl's shares have fallen about 5% so far this year. Kohl's shares closed on Monday at $27.19, bringing the company's market value to $3.01 billion.

Persons: Kohl's, it's, Joe's Jeans, Anne Klein, Fisher, Price, It's, Tom Kingsbury, Michelle Gass, Levi Strauss, That's Organizations: WHP, Burlington Stores, Franchise Group, Macy's

☆ Starbucks Middle East franchisee to slash over 2,000 jobs as boycotts linked to the Israel-Gaza conflict hit Western brands, says report
▼ + stars: | 2024-03-09 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +3 min

This story is available exclusively to Business Insider subscribers. In a statement in December, Starbucks CEO Laxman Narasimhan said protesters had been "influenced by misrepresentation on social media" of what the company stands for. AdvertisementA Starbucks spokesperson told Business Insider: "As Alshaya reviews its business portfolio they have made the difficult decision to eliminate some roles in their Starbucks store portfolio." The layoffs came as Starbucks and other Western brands such as McDonald's and KFC have faced consumer boycotts over the Israel-Gaza war. "So long as this war is going on ... we're not expecting to see any significant improvement (in these markets)," McDonald's CEO Chris Kempczinski said.

Persons: —, Laxman Narasimhan, AlShaya, Narasimhan, we're, Chris Kempczinski, Jack Guez Organizations: Service, Reuters, Palestine, Business, Starbucks, AlShaya, KFC, Getty Locations: East, North Africa, Gaza, Israel, Palestine, Kuwait, Indonesia, Malaysia, France, Sderot, AFP

☆ Jim Cramer reviews Citi's European 'Super Seven'
▼ + stars: | 2024-03-08 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Friday reviewed the "Super Seven," mega cap European stocks Citi recently named as alternatives to the Magnificent Seven, but with lower valuations. "I want you to think of the Super Seven as a shopping list of high-quality European stocks that could be very attractive on a pullback," he said. Novo Nordisk " came out with the original GLP-1, diabetes and weight loss drug Ozempic. Richemont SAP Schneider Electric Eaton Ferrari"As great as the Super Seven may be, you're not exactly early to any of these stories — most of these stocks are trading at or near their all-time highs," Cramer said. "Of course, you could say the same thing about the Magnificent Seven, but it makes me a little queasy to recommend something that's already had a huge run."

Persons: CNBC's Jim Cramer, Beata Manthey, Bullish, Dior, SAP Schneider Electric Eaton, Cramer, that's Organizations: Citi, Nordisk, Givenchy, SAP Schneider Electric

☆ Hugo Boss plunges 18% on pessimistic sales outlook in worst day since 2016
▼ + stars: | 2024-03-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Façade and window displays of the Boss store by Hugo Boss, in the Salamanca district, on 25 February, 2023 in Madrid, Spain. Shares of Hugo Boss plunged 18%, before paring losses slightly Thursday, after warning that it may fail to meet its 2025 sales target amid weakening consumer demand. CEO Daniel Grieder told CNBC on Thursday that 2023 was a "record year," but signaled more modest growth of 3% to 6% in 2024. He added that the company's ambition to reach 5 billion euros in sales — originally etched for 2025 — may be "slightly delayed." However, Grieder said Hugo Boss, known for fashion apparel and fragrances, was well positioned as an "affordable luxury" brand that can offer pricing flexibility without compromising margins.

Persons: Hugo Boss, Daniel Grieder, —, Grieder Organizations: CNBC, Burberry Locations: Salamanca, Madrid, Spain

☆ Omnicom agency Merkley+Partners hit with lawsuit accusing ex-creative director of raping a social-media strategist in the bathroom
▼ + stars: | 2024-03-07 | by ( Natalie Musumeci | Lauren Johnson | ) www.businessinsider.com time to read: +7 min

In addition to Diaz, the lawsuit names Merkley+Partners and its parent company Omnicom Group as defendants. Merkley+Partners is a 30-year-old full-service ad firm that has created campaigns for brands including Mercedes-Benz, White Castle, and Florida's Natural. "You went down on me, I went down on you, we had sex," the lawsuit says Diaz told the plaintiff. The lawsuit also says O'Rear was "treated in a cruel and callous fashion" during the firm's investigation. O'Rear's attorney told BI she was no longer working at the ad agency but declined to comment further.

Persons: —, Armando Diaz, Diaz, Merkley, we've, Erin Johnson, Walter Thompson, Mr, O'Rear, I'm, Armando Organizations: Service, New York, Business, Partners, Omnicom Group, Mercedes, Benz, Merkley, WPP, Industry, de Mayo Locations: New York City, Manhattan, White, de

☆ After an earnings blow out, CEO explains how Gap is 'reigniting' its brand
▼ + stars: | 2024-03-07 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

After Gap 's earnings report topped Wall Street's expectations on Thursday, CEO Richard Dickson told CNBC's Jim Cramer how his company is managing to turn its business around. "We've been reigniting this brand and drawing on what the brand was so special in the first place, really taking on trend products and amplifying it in new ways that only Gap can," he said. "We're using music, we're using fashion as entertainment, and we're taking basic product—linen, denim, wovens, pants—and we're amplifying the narrative around these categories and driving share growth." In addition to its namesake brand, Gap owns brands including Old Navy, Banana Republic and Athleta. "Zac's creative expertise, his cultural clarity, it's consistently evolved American fashion," Dickson said.

Persons: Richard Dickson, CNBC's Jim Cramer, We've, Dickson, he's, Mattel's Barbie, Zac Posen, Richard Dickson's Organizations: Mattel, Old Navy, Banana, Navy Locations: Banana Republic

☆ Does Eating Yogurt Reduce Your Diabetes Risk?
▼ + stars: | 2024-03-05 | by ( Alice Callahan | ) www.nytimes.com time to read: +1 min

Nonfat or full-fat, flavored or plain, probiotic or natural — yogurt is already peppered with labels. But you may soon see a new claim on your container: This month, the Food and Drug Administration announced it will allow yogurt makers to say their products may prevent Type 2 diabetes. said it has found “limited scientific evidence” that consuming yogurt may reduce the risk of Type 2 diabetes. The agency’s decision came in response to a petition submitted on behalf of Danone North America, which makes yogurts sold under brands including Activia, Dannon and Oikos. Yogurt can be a nutrient-rich food and part of a healthy diet, and there is some evidence to suggest that people who eat it regularly have a lower risk of Type 2 diabetes, said Dr. Frank Hu, a professor of nutrition and epidemiology at the Harvard T.H.

Persons: Frank Hu, ”, Bonnie Liebman Organizations: Food and Drug Administration, Danone North, Harvard, of Public Health, Center for Science Locations: Danone North America, Chan

☆ New York Community Bank Reports $2.4 Billion More in Losses as C.E.O. Resigns
▼ + stars: | 2024-02-29 | by ( Rob Copeland | ) www.nytimes.com time to read: +1 min

They sent the bank’s already pressured shares into another nosedive, down more than 20 percent in after-hours trading. The ugly developments were the last thing NYCB needed after weeks of trying to assuage investors’ concerns about its financial health. Despite its name, the bank has a national presence, partly because of its acquisition of much of Signature Bank, which collapsed during last year’s banking crisis. Based on Long Island, NYCB operates more than 400 branches under brands including Flagstar Bank across the Midwest and elsewhere. Flagstar is one of the nation’s largest residential mortgage servicers, making the bank particularly at risk to any weakness in the housing market in an era of persistently elevated interest rates.

Persons: NYCB Organizations: York Community Bank, Signature Bank, Flagstar Bank Locations: Long, NYCB, Midwest

☆ Kellogg's faces a backlash after encouraging cash-strapped shoppers to eat cereal for dinner: 'What the hell kind of dystopian hellscape is this?'
▼ + stars: | 2024-02-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Kellogg's is advertising cereal for dinner as an alternative for people struggling with food prices. WK Kellogg CEO Gary Pilnick told CNN last week that the messaging was "landing really well" with customers. Cereal prices shot up 13% in 2022Grocery prices soared during the pandemic as supply-chain chaos pushed up costs for producers. Advertisement"The cereal category has always been quite affordable, and it tends to be a great destination when consumers are under pressure," Pilnick told CNN. Pilnick told CNN last week that more than a quarter of cereal consumption is outside breakfast.

Persons: aren't, WK Kellogg, Gary Pilnick's, Pilnick's, —, Gary Pilnick, Marie Antoinette, Marianne Williamson, Pilnick, Sadie Garcia, Kellogg Organizations: Service, CNN, YouTube, American Academy of Pediatrics, American Heart Association, Bureau of Labor Statistics, Graham

☆ These stocks are well positioned for when the Federal Reserve starts cutting rates, Barclays says
▼ + stars: | 2024-02-23 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

This would likely push the Federal funds target range to between 4.5% to 4.75% by the end of this year, he said. Take a look at the stocks Barclays thinks are best-positioned for lower rates later this year. Darden Restaurants is one of the consumer names Barclays believes can outperform when the Fed loosens rates. Clothing retailer Gap is another stock Barclays believes will be a rate-cut cycle winner. GPS YTD mountain The Gap shares in 2024 Agribusiness company Bunge also made the cut.

Persons: Terrence Malone, Malone, Jeff Bernstein, Bernstein, Jason Goldberg, Goldberg, Adrienne Yih, Bunge, Ben Theurer, —, Michael Bloom Organizations: Barclays, Darden, Olive Garden, LongHorn, Fifth, Bancorp, Old Navy, Banana, Analysts, Bunge Locations: Olive, Banana Republic

☆ A top investor in global brands from Airbnb to Snap says we need swift 'guardrails' to get countries on the same page about AI
▼ + stars: | 2024-02-20 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +4 min

The CEO of the VC firm General Catalyst told WSJ that international collaboration will be crucial. World leaders should "align on some core protocols" for AI development, he said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Advertisement"Now there's this tension where no country wants to be left behind. So far, Russia has lagged behind China and the US in AI development.

Persons: Catalyst, —, Hemant Taneja, Taneja —, Taneja, Joe Biden, it's, Vladimir Putin Organizations: Service, Wall, publication's, US Commerce Department, European Locations: France, India, China, Russia

☆ AI might be reading your Slack messages: 'A lot of this becomes thought crime'
▼ + stars: | 2024-02-09 | by ( Hayden Field | ) www.cnbc.com time to read: +11 min

Aware's analytics tool — the one that monitors employee sentiment and toxicity — doesn't have the ability to flag individual employee names, according to Schumann. Speaking broadly about employee surveillance AI rather than Aware's technology specifically, Williams told CNBC: "A lot of this becomes thought crime." When including other types of content being shared, such as images and videos, Aware's analytics AI analyzes more than 100 million pieces of content every day. "It's always tracking real-time employee sentiment, and it's always tracking real-time toxicity," Schumann said of the analytics tool. Amba Kak, executive director of the AI Now Institute at New York University, worries about using AI to help determine what's considered risky behavior.

Persons: George Orwell, there's, Slack, Jeff Schumann, Schumann, Jutta Williams, Williams, chatbot, he's, Orwell, Rather, Amba Kak, Kak, they're Organizations: Istock, Microsoft, U.S, Walmart, Delta Air Lines, Mobile, Chevron, Starbucks, Nestle, AstraZeneca, CNBC didn't, Delta, CNBC, Humane Intelligence, Goldman Sachs Asset Management, Nationwide, CBS, Meta, New York University, Federal Trade Commission, Justice Department, Opportunity Commission Locations: Columbus , Ohio, Chevron, United States, Slack

☆ Big Dreams Come Back to Bite New York Community Bank
▼ + stars: | 2024-02-08 | by ( Rob Copeland | Emily Flitter | ) www.nytimes.com time to read: +1 min

During last spring’s banking crisis, when a competing lender went under, New York Community Bank pounced, acquiring a big chunk of its business. The pain stems largely from a weakening commercial real estate market that impelled NYCB — which operates more than 400 branches under brands including Flagstar Bank — to admit to mounting losses. After the bank rushed to project stability, including by releasing a new set of financial disclosures on Tuesday evening that one analyst termed a “late night news dump,” shares rose 7 percent on Wednesday. Whether its efforts will stick is an open question. NYCB executives, who just a week ago had been tight-lipped about the bank’s finances, opened up the books on Wednesday and laid out turnaround plans on a public conference call.

Persons: Flagstar Bank — Organizations: New York Community Bank pounced, Flagstar Bank, Signature Bank

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