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Shares of NYCB fall 14% after bank discloses ‘internal controls' issue, CEO change

·1 min

NYCB Announces Leadership Change and Internal Control Issues

Shares of a regional bank dropped in after-hours trading following announcements of a leadership change and concerns about internal controls. Alessandro DiNello has taken on the roles of President and CEO, as well as Executive Chairman. The bank also disclosed weaknesses in its internal controls related to loan review. The leadership changes have been made in response to recent challenges faced by the bank. The bank’s stock had already fallen earlier this year due to concerns about potential loan losses and exposure to commercial real estate.