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Michael Lee Strategy founder Michael Lee and former N.Y. Homeland Security adviser Michael Balboni weigh in on Big Tech stocks and commercial real estate.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
New York Community Bancorp shares tumbled after replacing its CEO and disclosing lapsed internal controls. Shares of the regional bank fell over 20%.\u00a0<\/p>\n
| Ticker<\/th>\n | Security<\/th>\n | Last<\/th>\n | Change<\/th>\n | Change %<\/th>\n<\/tr>\n<\/thead>\n |
|---|---|---|---|---|
| NYCB<\/td>\n | NEW YORK COMMUNITY BANCORP INC.<\/td>\n | 3.67<\/td>\n | -1.10<\/td>\n | -23.12%<\/td>\n<\/tr>\n “As part of management\u2019s assessment of the Company\u2019s internal controls, management identified material weaknesses in the Company\u2019s internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities,” the bank detailed in a filing with the Securities and Exchange Commission.\u00a0<\/p>\n As a result, recent financial reporting is being reviewed. The bank, whose parent is Flagstar Bank, one of the largest regional banks in the U.S, has over $116 billion in assets.\u00a0<\/p>\n Alessandro DiNello, the bank’s executive chairman, will succeed Thomas Cangemi as CEO, effective immediately. Cangemi will remain on the board.\u00a0<\/p>\n Several firms, including Piper Sandler, Wedbush and Deutsche Bank cut price targets on NYCB shares to a range of $3.50 to $5.00 on Friday.\u00a0<\/p>\n IRS CRACKDOWN FOCUSES ON THE RICH<\/strong><\/p>\n New York Community Bank<\/strong><\/p>\n |