NYCB

New York Community Bank (NYCB) faces upheaval as CEO Thomas Cangemi departs amid revelations of “internal controls” issues tied to an internal loan review. As one of the nation’s major commercial real estate lenders, NYCB cites the need for additional time to file its annual report. Alessandro DiNello, the bank’s executive chairman and former Flagstar Bank CEO, steps in as the new CEO. The disclosure follows NYCB’s January dividend cut and increased provision for credit losses, prompted by office sector weakness and multifamily default risks. Shares plunged 18% in extended trading, marking a turbulent period for the bank.

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