NYCB CEO predicts a 'clear path to profitability' after disclosing first-quarter loss

New York Community Bancorp (NYCB) reported a first-quarter loss of $327 million, yet its stock jumped after the newly appointed CEO, Joseph Otting, presented a promising profitability plan for the next two years. Despite a significant increase in provisions for loan losses, the CEO's strategy and a recent $1 billion financial boost have raised investor confidence. Otting, with a revamped executive team, aims to navigate the bank through its current challenges, including regulatory pressures and a volatile commercial real estate market.