General World News

NYCB shakes up leadership amid $2.4B earnings hit, weak controls

Thomas Cangemi is stepping down as president and CEO of New York Community Bancorp (NYCB) following the company’s disclosure of internal control deficiencies and a goodwill impairment of $2.4 billion. 

Alessandro DiNello, appointed executive chairman of the board on Feb. 6, will replace Cangemi, effective immediately. DiNello was the president and CEO of Flagstar Bancorp, a bank recently acquired by NYCB. The company announced on Thursday that Cangemi, who has been with the company for 27 years, will remain on the board. 

Long Island-based NYCB, which concluded the acquisition of Flagstar Bank in December 2022 and rescued Signature Bank in March details ⇒

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