Embattled New York Community Bancorp gets $1 billion cash infusion, adds Steven Mnuchin to its board

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NEW YORK (AP) — Embattled New York Community Bancorp announced a lifeline of more than $1 billion from a group of investors on Wednesday, after seeing its stock plunge by more than 80% this year.

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The announcement sent shares of the bank, which has been hammered by weakness in commercial real estate and growing pains resulting from its buyout of a distressed bank, on a wild ride. After nearly halving early in the day, the stock surged nearly 30% after the announcement, only to give it all up and then swivel before ending with a gain of 7.5%.

www.msn.com/en-us/money/companies/embattled-new-york-community-bancorp-gets-1-billion-cash-infusion-adds-steven-mnuchin-to-its-board/ar-BB1jrDZI

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