New turmoil at NYCB as CEO exits and fourth quarter loss balloons to $2.7 billion

March 01, 2024

The turmoil surrounding New York Community Bancorp (NYCB) is intensifying again after it disclosed the exit of CEO Thomas Cangemi, weaknesses in its internal controls, and a tenfold increase in its fourth quarter loss to $2.7 billion. One NYCB director, Hanif "Wally" Dahya, said in a Feb. 25 letter that he "did not support the proposed appointment" of DiNello as CEO without saying why. Executive chairman Alessandro DiNello, former CEO of Flagstar Bank, is replacing Thomas Cangemi as CEO of New York Community Bancorp. "So it does seem to be idiosyncratic to New York Community Bank, at least on an acute basis," he said. A New York Community Bancorp branch in the Brooklyn borough of New York City.