New York Community Bancorp (NYCB), the bank whose unit took over defunct Signature Bank's non crypto-related deposits, fell as much as 42% on Wednesday after missing earnings estimates and slashing its dividend.
The bank reported a fourth-quarter loss of $0.36 per share, missing an analyst estimate of earnings of $0.27 per share, according to FactSet data. The company said in a statement that fourth-quarter net income and diluted EPS were hit by "merger-related items and a FDIC special assessment."
Banks are giant ponzi schemes and they will continue to weaken over the next decade.
More and more people will switch to Bitcoin in order to protect themselves.
Most will make the switch too late.