Struggling US regional lender New York Community Bancorp is set to raise over $1bn in an equity deal led by former US Treasury secretary Steven Mnuchin’s investment firm that will strengthen its financial position amid its recent turmoil.
NYCB faced challenges after unexpectedly announcing a fourth-quarter loss in January, which in March was revealed to be $2.4bn greater than initially reported, primarily due to increased provisions linked to its commercial real estate exposure.
