NYCB shares jump 30% after CEO gives two-year plan for 'clear path to profitability'

New York Community Bank reported a significant quarterly loss of $335 million due to increasing commercial loan defaults and rising expenses. Despite this, the stock rose sharply after CEO Joseph Otting announced a two-year plan aiming for profitability, involving asset sales and reducing exposure to risky loans. The plan includes achieving a 1% return on average earning assets and raising the capital level to 11-12% by the end of 2026.