Shares of New York Community Bancorp plummet amid CEO exit and loan woes
CBSN
Shares of New York Community Bancorp plunged by double digits on Friday after the sudden exit of the regional bank's longtime president and CEO. The departure coincides with the bank's disclosure of "material weaknesses" related to loans.
Thomas Cangemi relinquished his leadership roles at the bank after 27 years, with Alessandro DiNello, who serves as its board's executive chairman, succeeding him, the bank said in a statement late Thursday. The bank also said in a regulatory filing that it had discovered "material weaknesses" in loan controls and took a $2.4 billion charge.
After plummeting almost 30% at Friday's start, shares of the Hicksville, N.Y.-based commercial real estate lender bank were lately down nearly 23%, and have lost more than half their value this year.
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