New problems for New York Community Bancorp.
The institution replaces its chief executive and announces it has identified "material weaknesses" in internal controls over how loans are reviewed.
An admission that causes the stocks to sink on Wall Street where they lose 29%.
The bank, which bought Signature Bank during the regional banking crisis of mid-last year, has named Alessandro DiNello CEO to replace Thomas Cangemi.
"We have confidence in the direction of our bank and our ability to deliver results for customers, employees and shareholders. The changes in the board of directors reflect our new chapter," DiNello said.
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