NYCB Stock Alert: New York Community Plunges on CEO Departure


  • New York Community Bancorp (NYCB) stock is falling with the departure of its CEO.
  • The company also warned of internal control problems.
  • This comes alongside losses of $2.7 billion.
NYCB Stock - NYCB Stock Alert: New York Community Plunges on CEO Departure

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New York Community Bancorp (NYSE:NYCB) stock is taking a beating on Friday after the real estate financial services company announced the departure of CEO Thomas Cangemi.

Taking over the CEO position from Cangemi is Executive Chairman Alessandro DiNello. Investors will note that DiNello has already been acting as the head of the company with Cangemi reporting directly to the Executive Chairman starting last month.

DiNello said the following about taking over as CEO of NYCB in a statement:

“While we’ve faced recent challenges, we are confident in the direction of our bank and our ability to deliver for our customers, employees and shareholders in the long-term. The changes we’re making to our Board and leadership team are reflective of a new chapter that is underway.”

More Issues Plague NYCB Stock

Outside of its CEO leaving, there are other problems at New York Community Bancorp that investors need to know about. That includes the company warning of internal controls issues. This includes weakness in internal loan review due to oversight and other problems.

Finally, New York Community Bancorp reported a growing loss in its fourth-quarter earnings report. That loss came in at $2.7 billion, which is “$2.4 billion worse” than what was previously reported.

NYCB stock is down 26.9% as of Friday morning as some 35 million shares change hands. For comparison, the company’s daily average trading volume is about 25 million shares.

Investors seeking out even more of the most recent stock market news will want to stick around!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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