From CNBC:

Shares of New York Community Bank (NYCB) rose 8% after the bank promoted its chairman in an effort to stabilize operations. This comes after a series of trading sessions that cut almost 60% of the bank’s market value following a surprise loss, mounting losses on commercial real estate, and a dividend slash. Moody’s downgraded the bank’s long-term ratings, citing financial, risk management, and governance challenges. NYCB issued a statement, reassuring that the downgrade isn’t expected to have a “material impact.” The bank also provided unaudited financial information to boost confidence. CEO Thomas Cangemi said they took decisive actions to fortify their balance sheet and strengthen risk management processes, while also searching for a new chief risk officer and chief audit executive. Managers holding those roles left the bank before the disastrous earnings report.

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