NYCB in Crisis: CEO Steps Down as Losses Mount to $2.7 Billion New York Community Bancorp (NYCB) is facing renewed turmoil as it announced the departure of its CEO Thomas Cangemi, revealed significant weaknesses in its internal controls, and reported a massive increase in its fourth-quarter loss, which skyrocketed to $2.7 billion. These developments have severely impacted NYCB’s stock, which plummeted 28% at the opening of the market on Friday, reaching its lowest point since 1996. This series of unfortunate events underscores the challenges the commercial real estate lender is grappling with, shaking investor confidence and highlighting the financial instability within the institution. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Turkey Leads Central Banks in January Gold Purchases READ MORE Gold Nears Two-Month High Amid Anticipation of US Rate Cut READ MORE Oil Prices Reach 8-Week Highs: U.S. Stockpile Drop and China's Stimulus Fuel Surge READ MORE LVMH Shines with Record Revenue in Jewelry Sales READ MORE Risk of a global recession is minimal, IMF economist says — would take ‘a lot to derail’ READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment