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New York Community Bank flags 'material weakness' in internal controls; CEO exits

Investing.com -- New York Community Bancorp fell in afterhours trading Thursday after chief executive Thomas R. Cangemi resigned and the regional bank said it identified "material weakness" in its internal controls relating to its loan review process, according to a regulatory filing on Thursday with the Securities and Exchange Commission. 

New York Community Bancorp Inc (NYSE:NYCB) fell 14% in afterhours trading following the news.

The bank said it had appointed executive chairman Alessandro DiNello, as CEO on Feb. 29.

As part of an ongoing assessment, the company's management had "identified material weaknesses" in the its internal controls related to "internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities," the company said in the filing.

The company plan to strengthen its internal controls are expected to be disclosed in its annual 2023 annual report, which is expected to be delayed to complete the ongoing assessment.

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.