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 China's Leadership Mulls Market Rescue Measures Amid Stock Crisis READ MORE Dimon Highlights Commercial Real Estate's Recession-Contingent Future READ MORE The Great American Housing Squeeze: Construction Costs Out of Reach for Most READ MORE Banking Sector Woes Propel Treasury Rally, Rate Cut Forecasts READ MORE Add a Comment Cancel replyYour email address will not be published.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