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 Proposed Ban on Open-Pit Mining Could Crush Mexico's Economy READ MORE Oil Prices Waver Amid Economic Uncertainty and Interest Rate Speculation READ MORE Gold Prices Dip as Middle East Conflict Cools, Market Eyes Upcoming U.S. Economic Indicators READ MORE Year of the Dragon Sparks Optimism for S&P 500's Flight to New Heights READ MORE The Great American Housing Squeeze: Construction Costs Out of Reach for Most READ MORE Add a Comment Cancel replyYour email address will not be published.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