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 ZeroHedge: Questions About Gold The CFTC And Fed Won’t Answer READ MORE Signs of an Impending 2024 Recession, Says Citi's Top Economist READ MORE Fed's Rate Strategy for 2024: Stability Over Cuts, Says One Wall St Analyst READ MORE The Growing Shadow of Credit Card Debt: A Crisis Looming Over American Consumers READ MORE Gold prices are at an all-time high—but experts like Warren Buffett don’t always recommend investing READ MORE Add a Comment Cancel replyYour email address will not be published.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
