Why New York Community Bancorp Shares Are Tumbling Yet Again
Troubled New York Community Bancorp (NYSE: NYCB) is under new leadership after disclosing "material weakness" in how it tracks loan risk. The fresh bad news is another blow for investors, sending NYCB shares down 22% as of 10 a.m. ET.
It's been a rough year for New York Community Bancorp. In late January, the company slashed its dividend and reported a surprise loss, raising questions about the health of the bank. The stock had stabilized in the weeks since, but a fresh round of bad news has the markets on edge about this bank stock yet again.
NYCB said CEO Thomas R. Cangemi was stepping down effective immediately after 27 years with the company, though he will remain on the board. Alessandro DiNello, who was appointed as executive chairman of the board on Feb. 6, has been appointed CEO.
Source Fool.com
