Spencer Platt/Getty Images via AFP
Decryption – Too exposed to the office market across the Atlantic, many smaller American and German firms are struggling.
A threat that has been feared for more than a year is starting to materialize: the commercial real estate crisis (offices, businesses, hotels, etc.) is catching up with banks in the United States, Europe and Asia, raising the risk of a new crisis, a year after March 2023. In , small American regional banks were affected.
The first signs appeared in late January in the United States. New York Community Bancorp (NYCB), which bought its bankrupt rival Signature Bank last year, announced a $185 million loss after setting aside more than $552 million to cover potential real estate credit losses. A very high amount in relation to its size, ten times more than the financial community expected. Until now, NYCB was not obliged to shed light on its records.
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