"NYCB's New Boss Faces Rent-Stabilized Market Crisis and Credit Downgrades"

New York Community Bancorp clarified that Alessandro DiNello is now officially the boss of the embattled bank, with the CEO reporting directly to him. The bank disclosed this change in a new filing with the Securities and Exchange Commission, noting that it had changed its bylaws to make it happen. DiNello, who used to be CEO of Flagstar Bank, will serve as the company’s principal executive officer and be the most senior executive officer of the company. The decision comes amid a two-week-long saga of financial challenges, including a dividend cut, net quarterly loss, and credit rating downgrade.