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☆ TikTok debate reveals the risks for investing in China during U.S. election year
▼ + stars: | 2024-03-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The debate over whether Chinese-owned TikTok can operate in the U.S. is back with fervor, revealing more about the risk for Chinese stocks in a U.S. presidential election year. Such considerations motivated Goldman Sachs analysts to update their model for measuring the level of risk from U.S.-China tensions in Chinese stocks. Their barometer, created in 2020, "has correlated well with the U.S.-China events timeline, and China equity performance," the analysts said. Goldman's revised U.S.-China tensions barometer stands at a modest 53 out of 100, indicating a "somewhat benign" outlook for the bilateral relationship. But as the TikTok bill now makes its way to the Senate, many analysts expect its momentum to slow.

Persons: Goldman Sachs, Goldman's, It's, Raymond James, That's, Steven Mnuchin, CNBC's, Mnuchin, Donald Trump, Joe Biden, Trump, Biden, Goldman, — CNBC's Michael Bloom Organizations: U.S ., Goldman, U.S, Chinese Communist Party, IMEIK Technology, Postal Savings Bank Locations: U.S, China, Beijing

☆ Things are about to get weird for homebuyers and sellers
▼ + stars: | 2024-03-17 | by ( Matt Turner | Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Ban or no ban, TikTok is under pressure. Now, we're about to enter a new age of experimentation as buyers and sellers start thinking hard about how they'll pay their agents, and how much. More of this week's top readsThe Insider Today team: Matt Turner, deputy editor-in-chief, in New York.

Persons: —, TikTok, Bytedance, Biden, Donald Trump, Steven Mnuchin, Anson Chan, sarayut Thaneerat, Tyler Le, Ken Griffin, Ambition, Theresa Sue Mubenga, who's, Matt Turner, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Service, Business, Senate, Apple, Medical Properties Trust, Citadel, Miami, Citadel Securities, Wall, Workers, National Association of Realtors, Oxford Locations: China, Chicago, Miami, New York

From 1985 to 2002, he worked at Goldman Sachs, one of the most storied — and criticized — investment banks on Wall Street. He famously swooped in to turn around the struggling IndyMac bank after its failure in the financial crisis of 2008. Earlier this month, Mnuchin jumped back into the headlines when his PE firm led a roughly $1 billion investment in embattled New York Community Bancorp. In 2009, OneWest Bank Group, where Mnuchin was chairman and CEO, bought the troubled IndyMac after federal regulators took over the bank. Mnuchin was Treasury secretary in 2020, when the Trump administration brokered a deal where Oracle and Walmart would take a large stake in TikTok.

Persons: Steven Mnuchin, Donald Trump’s, Goldman Sachs, Mnuchin, Max, Mnuchin's dealmaking, Robert Weissman, ” Weissman, Robert Rubin, Clinton, Weissman, couldn’t, NYCB, George Soros, John Paulson, OneWest, Kevin Kaiser, “, ” Kaiser, Maxine Waters, ”, Trump, doesn't, Chris Caulfield, ” Caulfield, ” ___ Rugaber Organizations: Trump, Public Citizen, Treasury, Treasury Department, Liberty Strategic Capital, Citizens, New York Community Bancorp, OneWest Bank Group, Federal, of Insurance Corp, FDIC, Wharton School, Oracle, Walmart, CNBC Locations: Wall, TikTok, Saudi Arabia, East, Washington, Congress, U.S, China, West Monroe, “

☆ Citadel's relocation to Miami was a success. But can Ken Griffin get the rest of Wall Street to do it?
▼ + stars: | 2024-03-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at how two of the most powerful Wall Street firms are doing two years after relocating to Miami . Nearly two years ago the billionaire uprooted his hedge fund, Citadel, and market maker, Citadel Securities, from their Chicago headquarters to Miami. Employees at Citadel and Citadel Securities spoke to Business Insider's Emmalyse Brownstein about life in the new HQ . Shares tumbled 55% after The Wall Street Journal reported that Fisker had hired restructuring advisors to assist with a possible bankruptcy filing.

Persons: —, we're, sarayut Thaneerat, Tyler Le, Ken Griffin, Samantha Lee, San Francisco, Griffin, Anita Kot, Dogecoin, Elon Musk, Ned Davis, Fisker, Patrick Pleul, Andrew Cabellero Reynolds, Jenny Chang, Rodriguez, Sam Altman, Muhammad Ali, Steven Mnuchin, BI's Peter Kafka, Ezra Bailey, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Business, Wall, Citadel, Citadel Securities, Sunshine State, Miami, New York, Ned Davis Research, Street Journal, Elon, OpenAI, Google, KKR, Benz Locations: Miami, Florida, Chicago, New York, London, York, Plenty, San, Austin, He's, Blackstone

What’s next for ByteDance’s U.S. investors? DealBook has spoken with people in the know about what these investors, including financial giants like the Susquehanna International Group, can do, with billions of dollars on the line. Mnuchin, a former Treasury secretary, told Andrew on CNBC on Thursday that he was in talks with a “combination of U.S. investors” about a TikTok deal. He added that he had spoken with some of the investors in ByteDance, TikTok’s Chinese parent, about possibly rolling over their stake. of the video game giant Activision Blizzard, also reportedly has been looking for potential partners for a bid.

Persons: What’s, ”, DealBook, Steven Mnuchin, Andrew, Bill Ford, Bobby Kotick Organizations: ByteDance’s U.S, U.S, Susquehanna International Group, CNBC, Activision Locations: Beijing, China, ByteDance

☆ Steve Mnuchin breaks out the checkbook
▼ + stars: | 2024-03-15 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

Mnuchin rebornNine months after President Joe Biden was inaugurated and Mnuchin left the Treasury Building, Mnuchin formed a new private equity group, Liberty Strategic Capital. Steven Mnuchin's private equity firm made a $450 million investment in New York Community Bank last week. When Mnuchin left CIT less than two years later, he received a $10.9 million severance package. “It’s a great business and I’m going to put together a group to buy TikTok,” Mnuchin told visibly stunned anchors on CNBC Thursday morning. Mnuchin may be the founder and managing partner of Liberty Strategic Capital, but Saudi Arabia is reportedly covering a big chunk of his firm’s tab.

Persons: Donald Trump’s, Steven Mnuchin, Mnuchin, Joe Biden, Jackie ”, Trump, Goldman Sachs, ”, Liberty, Steven Mnuchin's, Spencer Platt, “ It’s, ” Mnuchin, “ You’re, ” Andrew Ross Sorkin, ” interjected, TikTok, “, he’s, Will Lanzoni, Crown Prince Mohammed bin Salman Organizations: New, New York CNN, Treasury, Liberty Strategic Capital, Lionsgate, New York Community Bank, Getty, Federal Deposit Insurance Corporation, CIT Group, CIT, CNBC, CNN, Senate, Liberty Strategic, Crown, New York Times, Saudi Public Investment Fund, Meta, ByteDance . Liberty Strategic Locations: New York, cybersecurity, New, California, China, Montana, Saudi Arabia, Saudi, ByteDance

☆ CNBC Daily Open: Another hot inflation gauge fuels worry
▼ + stars: | 2024-03-15 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Why Japan's wage talks matterJapan's "shunto" wage negotiations hit fever pitch this week as several corporate giants revealed salary increases. "I think the legislation should pass and I think it should be sold," Mnuchin told CNBC. [PRO] Look beyond NvidiaInvestment firm Fidelity International said investors should look beyond highfliers like Nvidia to ride the AI wave.

Persons: Dow, Steven Mnuchin, Mnuchin Organizations: CNBC, Nasdaq, Bank of, U.S, HSBC bullish, Nvidia Investment, Fidelity International, Nvidia Locations: U.S, China

☆ Big Appeal, and Big Question Marks, in Possible TikTok Sale
▼ + stars: | 2024-03-14 | by ( Lauren Hirsch | David Mccabe | ) www.nytimes.com time to read: +1 min

TikTok is one of the most popular and largest social media apps around the globe — with great brand recognition and loyal users. That’s the conundrum facing TikTok as Washington lawmakers push a bill that would force the app’s Chinese parent company, ByteDance, to sell it or face having it banned in the United States. The bill passed the House on Wednesday but could face an uphill climb in the Senate. Rumors are already swirling on Wall Street about who could be interested in buying TikTok. The U.S. president, according to the bill passed by the House, would have to affirm that a deal cut the app off from ByteDance.

Persons: Steven Mnuchin, Mr, Mnuchin Organizations: CNBC, U.S Locations: Washington, United States, U.S, ByteDance

☆ TikTok CEO doubles down and urges users to get loud and contact senators
▼ + stars: | 2024-03-14 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Hours after the US House of Representatives voted in favor of the bill by a wide margin, 352 to 65, Shou responded with a video on TikTok urging users to "make your voices heard." The rallying cry follows an earlier TikTok action that prompted users to input their ZIP code in order to identify and contact their representatives in Congress. Share them with your friends, share them with your family, share them with your senators. Over the past week, X users have responded in droves with their all-time favorite clips after @destroynectar asked, "What video is the reason they shouldn't ban TikTok?"

Persons: —, Shou Chew, Shou, TikTok's, Joe Biden, @destroynectar, ITYNCTnThf, Steven Mnuchin — Organizations: Service, Business, Big Tech

☆ No chance the Chinese government allows TikTok to be sold in the U.S., says The Information CEO
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNo chance the Chinese government allows TikTok to be sold in the U.S., says The Information CEOJessica Lessin, The Information founder and CEO, joins 'Squawk Box' to discuss the future of TikTok after the House passed its 'divest or ban' bill yesterday, news of former Treasury Secretary Steven Mnuchin putting together a group to try to buy the social media app, and more.

Persons: Jessica Lessin, Steven Mnuchin Locations: U.S, TikTok

☆ Former Treasury Secretary Mnuchin: I'm going to put together a group to buy TikTok
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Treasury Secretary Mnuchin: I'm going to put together a group to buy TikTokFormer U.S. Treasury Secretary and Liberty Strategic Capital founder and managing partner Steven Mnuchin joins 'Squawk Box' to discuss the latest developments around a potential TikTok ban, why he's putting together a group to buy the social media app, whether he believes the app poses a national security risk, his thoughts on entitlements, state of the U.S. economy, and more.

Persons: Mnuchin, Steven Mnuchin Organizations: Former, Former U.S, Treasury, Liberty Strategic Capital Locations: U.S

☆ Steven Mnuchin says he's putting together a group to try and buy TikTok
▼ + stars: | 2024-03-14 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Former Treasury Secretary Steven Mnuchin said on Thursday that he's exploring assembling a group of investors to purchase TikTok, an attempt to assuage US national security concerns that the popular social media app should not be under Chinese ownership. It's a great business, and I'm going to put together a great group to buy TikTok," Mnuchin said during an interview on CNBC's "Squawk Box." Mnuchin, breaking with former President Donald Trump, said he supported a House bill that could force a ban on the popular social media app. While the bill explicitly mentions TikTok, the legislation could also apply to future companies. Trump's White House, led in part by Mnuchin, kicked off the US effort to ban the social media app.

Persons: Steven Mnuchin, It's, Mnuchin, Donald Trump, Joe Biden, Trump, Jeff Yass, Kellyanne Conway, let's Organizations: Service, Lawmakers, Politico, Trump White House, Club, Growth Locations: TikTok's Beijing, ByteDance, Yass

☆ Jim Cramer is 'very concerned' about this overbought stock market. Here's what investors should do
▼ + stars: | 2024-03-14 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Investors should not buy at these levels because the stock market is overbought, Jim Cramer said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Jim, ByteDance, TikTok, Steven Mnuchin, Jim Cramer's Organizations: CNBC, Federal Reserve, Facebook, Microsoft, Security, Palo Alto Networks, Palo Alto Locations: U.S

☆ Come on, everyone, let's buy TikTok!
▼ + stars: | 2024-03-14 | by ( Henry Blodget | ) www.businessinsider.com time to read: +5 min

So, in the wake of the (notably bi-partisan) House bill, some Americans are already volunteering to buy TikTok — such as former Treasury Secretary Steven Mnuchin. These investors would include private equity funds, hedge funds, pension funds, sovereign wealth funds, mutual funds, and, of course, banks. That's what Steven Mnuchin and everyone else who wants to buy TikTok are planning to do. That's why Mnuchin made his announcement on CNBC this morning — to let every investor on the planet who might give him money to buy TikTok know that he's raising money to buy TikTok. ("Wait — he's putting together a group to buy TikTok and he hasn't called us yet?

Persons: —, Let's, Steven Mnuchin, Mnuchin, Goldman Sachs, there's, Elon Musk, ByteDance, Steven Mnuchin's, hasn't Organizations: Service, Twitter, CNBC Locations: America, China, American, Banks

☆ Former Treasury Secretary Mnuchin: Government spending is what caused inflation
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Treasury Secretary Mnuchin: Government spending is what caused inflationFormer U.S. Treasury Secretary and Liberty Strategic Capital founder and managing partner Steven Mnuchin joins 'Squawk Box' to discuss the latest developments around a potential TikTok ban, why he's putting together a group to buy the social media app, whether he believes the app poses a national security risk, his thoughts on entitlements, state of the U.S. economy, and more.

Persons: Steven Mnuchin Organizations: Former, U.S, Treasury, Liberty Strategic Capital Locations: U.S

☆ 10 things to watch in the stock market Thursday, including inflation, Nvidia, Broadcom, Microsoft
▼ + stars: | 2024-03-14 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

Morgan Stanley analysts say, "Within internet coverage group, the survey results were most bullish for OW (overweight) META . Evercore ISI raises its Netflix price target to $640 per share from $600, reiterating its buy-equivalent rating. The analysts say the turnaround at IBM continues, citing "a defensive portfolio, attractive dividend yield, and underappreciated AI capabilities." Goldman Sachs research analysts upgrade shares of Citigroup to buy from neutral with a $68-per-share price target. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Steven Mnuchin, ByteDance, Mnuchin, Morgan Stanley, Bernstein, Mizuho, Arvind Krishna, Goldman Sachs, Wells, Dick's, Jim Cramer's, Jim Cramer, Jim Organizations: PPI, CPI, CNBC, U.S, Community Bancorp, Facebook, Nvidia, Broadcom, Citi, Micron, Microsoft, Security, Disney, Amazon, Bank of America, IBM, Citigroup, Dick's, Goods, Jim Cramer's Charitable Locations: New, Japan

☆ Watch CNBC's full interview with former Treasury Secretary Steven Mnuchin
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with former Treasury Secretary Steven MnuchinFormer U.S. Treasury Secretary and Liberty Strategic Capital founder and managing partner Steven Mnuchin joins 'Squawk Box' to discuss the latest developments around a potential TikTok ban, why he's putting together a group to buy the social media app, whether he believes the app poses a national security risk, his thoughts on entitlements, state of the U.S. economy, and more.

Persons: Steven Mnuchin Organizations: Steven Mnuchin Former U.S, Treasury, Liberty Strategic Capital Locations: Steven Mnuchin Former, U.S

☆ Elon Musk would be the best owner for TikTok. There's just one problem.
▼ + stars: | 2024-03-14 | by ( Peter Kafka | ) www.businessinsider.com time to read: +6 min

At one point, Elon Musk might have seemed like a great candidate to buy TikTok. Turns out my boss Henry Blodget is suggesting we all band together to rustle up the money to buy TikTok. You might recall Elon Musk from 2022. And that Elon Musk would be a great candidate to buy the US operations of TikTok. The sales pitch would be simple: Elon Musk.

Persons: Elon, —, Steven Mnuchin, doesn't, Bobby Kotick, Sam Altman, Henry Blodget, Henry, didn't, Joe Biden, ByteDance, that's, Steve Mnuchin, — Elon, Elon Musk, Guy Who, Esther Crawford, Musk, he's Organizations: Service, Activision, Street, Yahoo, Twitter, Elon Locations: TikTok, ByteDance

☆ Former Treasury Secretary Steven Mnuchin is interested in buying TikTok
▼ + stars: | 2024-03-14 | by ( Elisabeth Buchwald | Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Former Treasury Secretary Steven Mnuchin said Thursday he’s assembling a team of investors to make a bid to buy TikTok. “It’s a great business and I’m going to put together a group to buy TikTok,” Mnuchin told CNBC Thursday morning. Even though TikTok is likely unprofitable, “it’s worth a lot of money,” he added. Mnuchin, though, said he’s looking to find a solution where the Chinese government will allow TikTok to be sold without a technology transfer. Even if that happens, any kind of TikTok ban would likely be fought in courts.

Persons: Steven Mnuchin, “ It’s, ” Mnuchin, TikTok, Mnuchin, “, ”, TikTok didn’t, Dan Ives, ” Ives, Donald Trump’s, Trump, Marjorie Taylor Greene, Nancy Mace, didn’t, Thursday’s, Joe Biden, Ives Organizations: New, New York CNN, Former, CNBC, Wedbush Securities, CNN, Liberty Strategic Capital, Facebook, Meta, Community Bank, Senate, Microsoft, Oracle Locations: New York, China, Montana

Former Treasury Secretary Steven Mnuchin is building an investor group to acquire ByteDance's TikTok, as a bipartisan piece of legislation winding its way through Congress threatens its continued existence in the U.S. "It's a great business and I'm going to put together a group to buy TikTok." There's no way that the Chinese would ever let a U.S. company own something like this in China," Mnuchin said. Last week, Mnuchin's Liberty Strategic Capital was a lead investor in a $1 billion capital raise to stabilize New York Community Bancorp. That administration also took an antagonistic stance toward TikTok, which ultimately resulted in ByteDance striking a data partnership with Oracle .

Persons: Steven Mnuchin, ByteDance's, ByteDance, Mnuchin, CNBC's, Masa, Joe Biden, Peter Thiel, Vinod Khosla, Keith Rabois, TikTok, Shou Zi Chew, Wang Wenbin, Bobby Kotick, Donald Trump, Trump Organizations: U.S, Liberty Strategic Capital, Vision Fund, Senate, Lawmakers, China Foreign Ministry, Financial Times, Street, Activision, Community Bancorp, Oracle Locations: Liberty, ByteDance, U.S, China, TikTok, New

☆ It's been one year since SVB's collapse sent shockwaves through the banking sector. Here's where the industry and our financial names stand now
▼ + stars: | 2024-03-12 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

It's been a year this week since the collapse of Silicon Valley Bank sent shockwaves through the banking sector. Wells Fargo shares got a big boost after a key win with regulators in mid-February. It would allow Wells Fargo to finally grow its assets again and help rake in more profits. MS YTD mountain Morgan Stanley (MS) year-to-date performance Conversely, the Club's other bank stock, Morgan Stanley , has been lagging in 2024 — down 7% year to date. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: It's, SVB, NYCB, Steven Mnuchin's, Wells Fargo, Wells, they've, Scott Siefers, Piper Sandler, we're, Charlie Scharf, Morgan Stanley, Morgan Stanley's underperformance, management's, Ted Pick, Jim Cramer, Morgan Stanley's, Morgan, Jim, Reddit, Jim Cramer's, JPMorgan, Goldman Sachs Organizations: Silicon Valley Bank, shockwaves, Bank, , New, , New York Community, Strategic Capital, Wells, Wells Fargo, Currency, Federal Reserve, CNBC, Club, Management, Morgan Stanley's IB, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: Silicon, Wells, ,, , New York, Wells Fargo

☆ Ivanka Trump's style has done a full 360° since ditching her father's campaign and distancing herself from politics — just check her Instagram
▼ + stars: | 2024-03-10 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +7 min

Read previewIvanka Trump's days as a prominent White House advisor are behind her, and she's got a new image in the works. Donald Trump and Ivanka Trump on March 20, 2020 in Washington, DC. AdvertisementJared Kushner and Ivanka Trump walk on the south lawn of the White House on November 29, 2020. In the White House, Ivanka's style was professional and predictableAs an advisor, Ivanka's style while working at the White House can be summed up in a few words: professional, feminine, and safe. AdvertisementDon Jr., Donald Trump, and Ivanka Trump on "The Celebrity Apprentice" in 2009.

Persons: —, she's, It's, Donald Trump, Ivanka Trump, Alex Wong Namely, Ivanka, Jared Kushner, Tasos Katopodis, Trump, minidresses, Don Jr, Bill Tompkins, Escada, Marcus, Steven Mnuchin, Oscar, la, Neiman Marcus, Donald, Mitra Ahouraian, I'm, Alessandra Rich, Emilio Pucci, Pucci, Kim Kardashian, Monique Lhuillier, Ahouraian, Kardashian, Kushner, Ambani, Manish Malhotra Organizations: Service, White, Business, New York, Trump Org, White House, Getty, Neiman, Footwear News, United, Treasury, Mail, Gucci, Miami Grand Prix, Footwear, Fontainebleau Locations: Washington , DC, New, New York City, Florida, New York, United States, Fontainebleau Las Vegas, India

☆ Premarket stocks: Why another unexpectedly hot jobs report could derail markets
▼ + stars: | 2024-03-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Wall Street was taken aback by the US labor market’s resilience in January. Another unexpectedly hot report could shake things up again. The January jobs report showed that the US economy added a stunning 353,000 jobs that month and the unemployment rate stayed at 3.7%. The new EU regulations force sweeping changes on some of the world’s most widely used tech products, including Apple’s app store, Google search and messaging platforms, including Meta’s WhatsApp. The broad obligations apply only to the EU, which could leave tech users in the United States and other markets looking longingly at some of the features Big Tech is rolling out in response to the European directive.

Persons: Jerome Powell, he’s, “, ” Powell, Bonnie Cash, —, ’ ”, BeiChen Lin, It’s, Loretta Mester, ”, José Torres, Meta’s, Brian Fung, Apple, Bing, Read, Elisabeth Buchwald, NYCB, Steven Mnuchin’s, Alessandro DiNello, ” Read Organizations: CNN Business, Bell, New York CNN, Federal, Financial, Capitol, Reuters, Traders, Russell Investments, ” Cleveland Federal, CNBC, Market, Interactive Brokers, Apple, Google, Union citizens, Big Tech, New York Community Bank, Silicon Valley Bank, Liberty Strategic Capital Locations: New York, Washington ,, United States, NYCB, Silicon

☆ New York Community Bank Tries to Reassure Markets After $1 Billion Rescue
▼ + stars: | 2024-03-07 | by ( J. Edward Moreno | ) www.nytimes.com time to read: +1 min

A new management team at New York Community Bank is working to reassure investors after the struggling lender announced a $1 billion cash infusion led by the former Treasury Secretary Steven Mnuchin. On Thursday, the bank’s beaten-down shares jumped after executives gave investors new information about the state of the company and details about its rescue plan announced the day before. They also announced a cut to the dividend, the second this year, to just one cent per share. The bank’s share price rose more than 10 percent at the start of trading on Thursday, before settling to a 7 percent gain. The bank’s stock spiraled and its bonds were downgraded by credit-rating agencies.

Persons: Steven Mnuchin, Joseph Otting, Mr, Mnuchin, Otting Organizations: New York Community Bank

☆ NYCB says it lost 7% of deposits in the past month, slashes dividend to 1 cent
▼ + stars: | 2024-03-07 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

New York Community Bank said Thursday it lost 7% of its deposits in the turbulent month before announcing a $1 billion-plus capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital. The bank had $77.2 billion in deposits as of March 5, NYCB said in an investor presentation tied to the capital raise. NYCB also said it's slashing its quarterly dividend for the second time this year, to 1 cent per share from 5 cents, an 80% drop. In a little more than a month, the bank changed its CEO twice, saw two rounds of rating agency downgrades and announced deepening losses. At its nadir, NYCB's stock sank below $2 per share Wednesday, down more than 40%, before ultimately rebounding and ending the day higher.

Persons: Steven Mnuchin's, NYCB, downgrades Organizations: York Community Bank, Strategic Capital, Moody's, Mnuchin's Liberty Strategic Capital Locations: New York

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