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NYCB stock falls after bank reveals ‘internal control’ issues and CEO change

shares of new york community bancorp Shares fell more than 21% in premarket trading after the regional lender announced management changes and disclosed internal control issues.

local bank announced After the market closed on Thursday, it was announced that Chairman Alessandro Dinero will become president and CEO effective immediately. NYCB has come under pressure in recent months, due in part to concerns about its exposure to commercial real estate.

Stock chart iconStock chart icon

NYCB stock fell sharply in after-hours trading.

Banks also announced correction Added disclosure regarding internal risk management to the fourth quarter financial results.

“As part of management’s assessment of the Company’s internal controls, the company identified significant changes in the Company’s internal controls related to internal loan reviews due to ineffective oversight, risk assessment, and monitoring activities,” the company said in a filing with the U.S. stock exchange. We have identified key weaknesses.” Exchange committee.

Dinero previously served as CEO of Flagstar Bank, which NYCB acquired in 2022. He was appointed executive chairman of NYCB in early February, shortly after leaving Moody’s Investors Service. demoted Bank credit rating goes to junk status.

“While we have faced recent challenges, we are confident in our direction and our ability to serve our customers, employees and shareholders over the long term. The changes reflect that “a new chapter is underway,” Dinero said in a press release Thursday.

In another leadership change, Marshall Lux has been promoted to lead director on the NYCB board, replacing Hanif Dahiya. Mr. Lux served as global chief risk officer for JPMorgan’s Chase Consumer Bank from 2007 to 2009, according to a press release.

NYCB stock has fallen 53% since the beginning of the year, after the company disclosed on January 31 that it had charged more than expected for potential loan losses. .

Fears of loan losses have reignited concerns about the state of the commercial real estate market. Looking at local banks more broadly. Several regional banks, including Silicon Valley Bank, failed in 2023 as customers and investors became concerned about the value of debt on banks’ balance sheets.

NYCB actually bought out one of the failed banks. signLast March.

Don’t miss the next story from CNBC PRO.

Summarize this content to 100 words shares of new york community bancorp Shares fell more than 21% in premarket trading after the regional lender announced management changes and disclosed internal control issues.local bank announced After the market closed on Thursday, it was announced that Chairman Alessandro Dinero will become president and CEO effective immediately. NYCB has come under pressure in recent months, due in part to concerns about its exposure to commercial real estate.Stock chart iconStock chart iconNYCB stock fell sharply in after-hours trading.Banks also announced correction Added disclosure regarding internal risk management to the fourth quarter financial results.”As part of management’s assessment of the Company’s internal controls, the company identified significant changes in the Company’s internal controls related to internal loan reviews due to ineffective oversight, risk assessment, and monitoring activities,” the company said in a filing with the U.S. stock exchange. We have identified key weaknesses.” Exchange committee.Dinero previously served as CEO of Flagstar Bank, which NYCB acquired in 2022. He was appointed executive chairman of NYCB in early February, shortly after leaving Moody’s Investors Service. demoted Bank credit rating goes to junk status.“While we have faced recent challenges, we are confident in our direction and our ability to serve our customers, employees and shareholders over the long term. The changes reflect that “a new chapter is underway,” Dinero said in a press release Thursday.In another leadership change, Marshall Lux has been promoted to lead director on the NYCB board, replacing Hanif Dahiya. Mr. Lux served as global chief risk officer for JPMorgan’s Chase Consumer Bank from 2007 to 2009, according to a press release.NYCB stock has fallen 53% since the beginning of the year, after the company disclosed on January 31 that it had charged more than expected for potential loan losses. .Fears of loan losses have reignited concerns about the state of the commercial real estate market. Looking at local banks more broadly. Several regional banks, including Silicon Valley Bank, failed in 2023 as customers and investors became concerned about the value of debt on banks’ balance sheets.NYCB actually bought out one of the failed banks. signLast March.Don’t miss the next story from CNBC PRO.
https://www.cnbc.com/2024/02/29/shares-of-nycb-fall-more-than-10percent-after-bank-discloses-internal-controls-issue-ceo-change.html NYCB stock falls after bank reveals ‘internal control’ issues and CEO change

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