NYCB doubles down on borrowing as deposits keep ebbing
Wholesale funding made up a third of the bank’s interest expense in Q1
New York Community Bancorp (NYCB) increased stopgap liquidity drawdowns by 25.8% as its deposits dwindled over the first quarter. The bank’s wholesale liabilities are now its largest source of interest expense.
NYCB’s borrowed funds rose $5.8 billion to $26.8 billion during the period, offsetting most of a $6.3 billion fall in customer deposits, to $75.2 billion.
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