NYCB Looks to the Leader of a Bank It Bought for a Turnaround
- Company has touted DiNello’s accomplishments at Flagstar
- The Detroit native sold bank he led to NYCB in late 2022
Fifteen months after a deal that was supposed to be the capstone of his successful run at Flagstar Bancorp Inc., Alessandro DiNello now finds himself thrust back into the top job and grappling with the turnaround of a bank in crisis.
DiNello this week was named chief executive officer of the bank that bought Flagstar in late 2022: New York Community Bancorp, whose troubles erupted at the end of January when the company — a major lender to New York apartment landlords — said it was stockpiling cash to cover potential problems with loans. The bank’s issues deepened this week as it announced “material weaknesses” in how it tracks loan risks, took a $2.4 billion goodwill impairment tied to past transactions and pushed Thomas Cangemi out as CEO, naming DiNello his replacement.