NYCB Shares Plummet 14% on CEO Change and Internal Controls Issue

Shares of New York Community Bancorp (NYCB) dropped 18% in after-hours trading after the bank announced a leadership change and disclosed issues with its internal controls, including material weaknesses related to internal loan review. Alessandro DiNello, the executive chairman, is taking on the roles of president and CEO, and the bank also amended its fourth-quarter results to reflect the internal risk management disclosure. The stock has been under pressure due to concerns about its exposure to commercial real estate, and the changes in leadership come after Moody's Investors Service downgraded the bank's credit rating to junk status.