NYCB Stock Plummets as CEO Exits and Loss Balloons to $2.7 Billion
TL;DR Summary
New York Community Bancorp's stock plummets over 20% after replacing CEO Thomas Cangemi due to "material weaknesses" in internal controls related to internal loan review. The bank, with over $116 billion in assets, is reviewing recent financial reporting. Alessandro DiNello will succeed Cangemi as CEO, while several firms cut price targets on NYCB shares. The broader markets remained higher despite the disclosures, which come ahead of the anniversary of the collapse of Silicon Valley Bank last March.
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- Regional Bank Stocks Drop on NYCB News. It’s More Caution Than Fear. Barron's
- New turmoil at NYCB as CEO exits and fourth quarter loss balloons to $2.7 billion Yahoo Finance
- Stock Market Today: Dow, S&P 500 Edge Up; NYCB Stock Price Tumbles The Wall Street Journal
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