When New York Community Bank reignited concerns about US regional banks by revealing big losses from commercial real estate loans at the end of January, Steven Mnuchin spotted his chance to get back into the game.
Donald Trump’s former US Treasury secretary had made a fortune rehabilitating a failed US mortgage lender after the 2008 financial crisis. This time, as NYCB’s shares plummeted 38 per cent in a day, Mnuchin put in a call into Jefferies, the mid-sized lender’s go-to advisers, to let them know that his private equity firm would be interested in throwing the bank a lifeline.
Just over a month later, NYCB turned to Mnuchin, 61, to anchor the $1bn equity injection that it announced on Wednesday.
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