NYCB Plummets on "Material Weakness" in Risk Controls
Shares of troubled lender New York Community Bank are in freefall this morning after reporting late yesterday that they are delaying their annual report, taking a $2.4B "goodwill impairment charge," and replacing their CEO after discovering a "material weakness" in how the bank manages the risk associated with it's loan book. Elsewhere Elon Musk is suing ChatGPT maker OpenAI for violating it's non-profit charter and another EV maker, Fisker, has announced mass layoffs.
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