From CNBC: 2024-05-01 08:03:22

New York Community Bank reported a $335 million loss in the first quarter due to soured commercial loans and higher expenses. CEO Joseph Otting aims to transform the bank and expects profitability in the next two years. The bank’s stock surged after revealing new performance targets, and shares rose 15% in premarket trading.

Read more: NYCB shares jump after new CEO gives two-year plan for “clear path to profitability”