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 Federal Reserve expected to cut rates, lift Biden’s prospects READ MORE Florida Real Estate Falls As Homebuyers Deterred by Higher Insurance Costs READ MORE UBS: Silver Poised to “Dramatically” Outperform Gold This Year READ MORE Japan Sounds the Alarm on Yen's Speculative Tumble Amidst Rising U.S. Inflation READ MORE Oil Prices Tread Water as Market Anticipates US InflationInsights READ MORE Add a Comment Cancel replyYour email address will not be published.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
