NYCB is trying to start fresh by rebranding and downsizing its operations

The news: New York Community Bancorp’s (NYCB’s) Flagstar unit announced it’ll rebrand as Flagstar Financial on October 25, the day it announces its Q3 earnings.

How we got here: Earlier this year, NYCB spooked investors by reporting a $252 million loss in its Q4 2023 earnings.

  • The bank also set aside a large amount of money—$552 million—to cover loan losses, mostly from commercial real estate.