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New York Community Bank shares plummet after $2.4bn earnings hit

Chief executive of embattled bank steps down after company reports ‘material weaknesses’ in internal controls

New York Community Bancorp (NYCB) came under fresh pressure on Wall Street after reporting “material weaknesses” in its internal controls, booking a $2.4bn hit to earnings and replacing its chief executive.

Shares in the bank tumbled 19% in after-hours trading on Thursday, extending its extraordinary rout on the stock market.

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