The turmoil surrounding New York Community Bancorp (NYCB) intensified again on Thursday when it disclosed the exit of CEO Thomas Cangemi, weaknesses in its internal controls and a tenfold increase in its fourth-quarter loss to $2.7 billion.
The stock of the Hicksville, N.Y.-based commercial real estate lender plunged 20% in after-hours trading.
The new disclosures are the latest twist in a month-long saga roiling a lender that played the role of rescuer just a year ago during the 2023 regional banking crisis. NYCB’s stock began falling on Jan. 31 when it surprised analysts by slashing its dividend, setting aside more for loan losses and reporting a net quarterly loss of $252 million.
Now the $114 billion bank, one of the 30 largest in the US, says in a new filing that the fourth-quarter loss was amended to $2.7 billion due to a new $2.4 goodwill impairment charge.
It decided to take that…
