(Reuters) -New York Community Bancorp will rename itself as Flagstar Financial, the U.S. regional lender said on Tuesday, amid efforts to turn around its struggling business.

The bank came under pressure after it reported in January increased stress in its commercial real estate portfolio that also rekindled concerns over the health of the sector recovering from the failures of a slew of regional banks in 2023.

Under Joseph Otting, a former comptroller of the currency who was named CEO in March, NYCB has laid out a plan to return to profitability and vowed to shrink its balance sheet by reducing non-core assets.

The name change marks “another milestone in our ongoing transformation”, Otting said in a statement on Tuesday.

NYCB will also change its stock symbol to “FLG.” The name change will become effective on Oct. 25.

Flagstar Bank is a subsidiary of New York Community Bancorp. The lender announced its $2.6 billion acquisition of Flagstar in 2021.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Sriraj Kalluvila and Alan Barona)

Indonesia’s incoming president, Prabowo Subianto, plans to reappoint Finance Minister Sri Mulyani Indrawati to his new cabinet, making her the first person to hold the ministry under three different presidents.

The 62-year-old was one of several dozen ministerial candidates who met with Prabowo at his private residence in South Jakarta yesterday evening, as he confirms his ministerial picks ahead of his inauguration on October 20.

After the meeting, Sri Mulyani confirmed the appointment to reporters. “He asked me to serve as the finance minister again,” Sri Mulyani said, according to a report by the Jakarta Globe.

She said that during a “long and extensive discussion” with Prabowo, the president-elect laid out some of his priorities about the economy, in particular his desire to strengthen state finances in anticipation of a host of ambitious spending programs.

“We have had several discussions about the state budget, as my team drafted the 2025 budget during this transition period. It was important for me to understand the priorities of the president-elect and vice president-elect,” Sri Mulyani said. “We regularly consulted with each other to discuss strategies for strengthening the Finance Ministry and the state finances to support his programs.”

The announcement confirms reports that have been swirling this week that Prabowo was preparing to retain Sri Mulyani, who has served as the executive director of the International Monetary Fund and managing director of the World Bank. She is also one of Indonesia’s longest-serving finance ministers, having held the post for long stretches under both President Susilo Bambang Yudhoyono and outgoing President Joko Widodo.

During this time, Sri Mulyani has earned considerable respect in international circles, particularly for her reforms of the chaotic Indonesian taxation system and her role in steering Indonesia through the global financial crisis and the COVID-19 pandemic.

Much speculation surrounds the identity of Prabowo’s cabinet, which is set to be announced before he takes the oath of office on October 20, including with several ministers of the administration of outgoing President Joko “Jokowi” Widodo. According to a report by Reuters, these included several ministers from Jokowi’s cabinet, including Interior Minister Tito Karnavian, Trade Minister Zulkifli Hasan, and Energy Minister Bahlil Lahadalia.

Prabowo embarks on an ambitious spending program, which includes an increase in defense spending, hikes in civil servants’ salaries, and a $28 billion program to give 83 million children and pregnant women free meals, to say nothing of the likely expenses involved in finishing Indonesia’s new capital Nusantara. The former general has also announced an ambitious goal of increasing annual economic growth to 8 percent by the end of his five-year term.

In order to achieve this target, Prabowo announced plans to increase the country’s debt-to-GDP ratio to 50 percent, up from 39 percent currently. Some reports have also suggested that he might also be exploring ways to remove the fiscal deficit and debt-to-GDP ratio ceilings imposed in the wake of the Asian financial crisis of 1997-98.

These plans have unsurprisingly thrown a scare into financial markets. Major rating agencies, including Fitch Ratings and Moody’s, have raised concerns that Prabowo’s spending plans will mark a break with Indonesia’s historically conservative approach to fiscal policy, noting that At the same time, his plans to increase state revenues “may take considerable time.”

In this context, having a trusted figure like Sri Mulyani in the Finance Ministry will help stabilize and improve the country’s finances, while calming outside analysts and perhaps also warning the government off its more risky ambitions. In comments to Reuters, Jahen Rezki, an economist with the University of Indonesia, expressed hopes that “Mulyani’s presence could serve as a brake if the new government comes up with unfeasible or unrealistic policies.”

Looking back 39 years to October of 1985, I finally completed my studies for the certified financial planner certification and was itching to share my knowledge with others. Having just completed almost three years of coursework where I was often the only female in the room, I decided to learn more about why there were not more women in finance. This revealed a myriad of other issues that to this day continue to plague women preparing for retirement. I set off to teach classes at the local library and start writing a finance column for this newspaper to empower others to be financially prepared for an unknown future.

Fast forward to the present day, and I come across a recent UBS study that states 85% of high-net-worth women across every generation still tend to leave long-term financial decisions to their male counterparts.¹ This includes women running businesses, households and managing daily finances for themselves and their families, often spanning three generations.

Early in my career, I studied the different investment styles by gender, which helped me significantly when working with couples who were not always on the same page. I was able to give them permission to think about money differently, because it often means different things depending on if you are the rainmaker or the caretaker. Being on a career track myself, as well as a wife and mother and, yes, daughter, I too was juggling three generations along with both my and my husband’s businesses. I get it: There is not enough time in the day, and you must prioritize.

Gender differences proved fascinating in learning about the hunter-gatherer versus the nurturer. Even though we don’t live in caves anymore and women and men equally have successful careers, those nurturing or hunting instincts never go away. Therefore (and what I love about my husband), men always seem willing to run faster, work harder and do whatever it takes to succeed, in my opinion. This hunter mentality is often mirrored in the male’s investment style. This may include switching out of investments prematurely if they are not performing or always looking for another advantage. Women are more likely to want a plan and be loyal to it for long periods of time before making changes. Both types of investing have their pros and cons.

The female’s nurturing character and the juggling act often left her career or her self-needs last on the priority list. This can equate to lower Social Security due to an erratic work life or time off to stay at home with children or parents — or even following the hunter-gatherer around the globe for his career.

Women and their family members need to know that pensions and Social Security may be lower than those of their male counterparts, and investments may be more conservative. Women also tend to live longer, therefore needing more money. Married women with families may have had less of an opportunity to fund a 401(k) plan, especially if they worked part-time for a while or earned lower wages. It is important to plan well considering these circumstances.

It is crucial to meet with an adviser and start your retirement plan if any of this information sounds familiar for you or someone you know. Education is key, and taking action is now a priority to prepare for the future.

1 “Women Put Financial Security at Risk by Deferring Long-Term Financial Decisions to Spouses,” March 2019. UBS.

Patricia Kummer is a managing director for Mariner Wealth Advisors.

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