Shares of New York Community Bancorp plummeted over 26% on Friday following the announcement of a leadership shakeup and revelations regarding internal control issues.
Alessandro DiNello, the bank's executive chairman, has taken on the roles of president and CEO amid concerns about the bank's exposure to commercial real estate. The sudden changes come after Moody's Investors Service downgraded NYCB's credit rating to junk status earlier this month, indicating ongoing challenges for the regional lender.
