The fortunes of troubled US regional lender New York Community Bancorp have taken a turn for the worse. On Thursday, it disclosed fourth-quarter losses from 2023 that were $2.4bn greater than initially reported. Following the disclosure, its stock price took a sharp fall of 19 per cent in after-hours trading, contributing to a decline of around 54 per cent since the beginning of the year.
The bank also announced that its president and chief executive, Thomas Cangemi, has resigned. Alessandro DiNello, its executive chairman, will take on the role of president and CEO, effective immediately.
