DECRYPTION – Very exposed to the office market across the Atlantic, several small American and German establishments are struggling.
The risk feared for more than a year is beginning to materialize: the crisis of commercial real estate (offices, businesses, hotels, etc.) is catching up with banks in the United States, Europe and Asia, raising the risk of a new crisis, one year after that which affected small American regional banks in March 2023.
The first signals appeared at the end of January in the United States. The New York Community Bancorp (NYCB), which bought its bankrupt competitor Signature Bank last year, then announced a loss of $185 million after having set aside more than $552 million to cover possible real estate credit losses. A very high amount in relation to its size, more than ten times higher than what the financial community anticipated. Until now, NYCB was not obliged to shed light on its record.
But the takeover of Signature Bank, following that of Flagstar in 2022, increased its ets to more than $100 billion…