Latest Updates on New York Community Bancorp Management Changes and Equity Raise
New York Community Bancorp's Recent Earnings Results
The embattled bank recently raised $1 billion in equity and announced changes to its management team. New York Community Bancorp (NYSE: NYCB) has had a rough go of it since announcing earnings on Jan. 31, when it reported a surprising loss after taking significant charge-offs related to a couple of loans in its portfolio.
New York Community Bancorp's Woes Continue
New York Community Bancorp has faced more turmoil, announcing that it wouldn't file its annual report on time due to deficiencies in internal controls. The bank will take a $2.4 billion goodwill impairment charge, resulting in an even larger loss than previously reported.
The Weakness Led to an Overhauled Management Team
Tom Cangemi, the bank's CEO since 2020, announced he would be stepping down. In addition, the bank has made other key management changes and raised $1 billion in equity.
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