NYCB - New York Community Bancorp Stock Nosedives After Bank Identifies 'Material Weakness' In Internal Controls Announces Leadership Transition | Benzinga
New York Community Bancorp Inc (NYSE:NYCB) shares are tumbling in after-hours trading Thursday after the company identified material weakness in internal controls and announced a leadership transition.
What Happened: In a new regulatory filing, New York Community Bancorp said management identified material weaknesses in the company's internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities.
“Although assessment of the Company's internal controls is not yet complete, the Company expects to disclose in the 2023 Form 10-K that its disclosure controls and procedures and internal control over financial reporting were not effective as of December 31, 2023. The Company's remediation plan with respect to such material weaknesses ...