NYCB Slumps on Material Weakness, CEO Change: Street Wrap

(Updates to add latest trading.)

New York Community Bancorp falls 30% at the open on Friday, hitting the lowest level since 1996, after the company said it identified material weaknesses in its internal controls related to internal loan reviews. NYCB also replaced its CEO, saying that Executive Chairman Alessandro DiNello will take on the role.

• Piper Sandler downgraded the recommendation and price target on the stock in the wake of the news
• Read More: NYCB Flags Weaknesses in Loan Oversight and Names New CEO

ANALYST COMMENTARY

• Piper Sandler: Analyst Mark Fitzgibbon cuts the recommendation to neutral from overweight, saying that ...