This regional bank could soon become a 'massive market share taker,' JPMorgan says

There's a "new energy" now at New York Community Bank , JPMorgan says. For the first time during its coverage of the bank dating back to the great financial crisis, JPMorgan upgraded shares to overweight from neutral. New York Community Bank has undergone a significant transformation over the past year. After its merger with midwestern-based Flagstar Bank, NYCB acquired certain assets and liabilities of Signature Bank.

"While we don't downplay the challenge of cultural integration that still lies ahead, it's very clear to us that this company is already fully on offense. In fact, from a culture perspective with the Signature culture being preserved, it's very likely that NYCB becomes a talent magnet with the former First Republic teams joining as just the tip of the iceberg," Alexopoulos added. The bank posted an earnings and revenue beat for the second quarter, Alexopoulos noted.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fed decision trade: What JPMorgan traders see the market doing, based on these scenariosThe central bank is largely expected to raise rates by a quarter-point.
Source: CNBC - 🏆 12. / 72 Read more »

JPMorgan to buy mortgages worth $1.8 billion as part of PacWest mergerJPMorgan rides to the rescue again, snapping up mortgages worth $1.8 billion as part of PacWest merger
Source: BusinessInsider - 🏆 729. / 51 Read more »

JPMorgan to buy mortgages worth $1.8 billion as part of PacWest mergerJPMorgan rides to the rescue again, snapping up mortgages worth $1.8 billion as part of PacWest merger
Source: BusinessInsider - 🏆 729. / 51 Read more »

Megabank head count holds nearly steady in second quarter as lenders compete for businessJPMorgan Chase's second-quarter hiring helped keep combined employment at the six major U.S. banks about flat, as four of the banks reduced their numbers.
Source: MarketWatch - 🏆 3. / 97 Read more »