Concerns about New York Community mount after chief risk officer’s exit

Bloomberg/Adobe Stock

Nearly a week after New York Community Bancorp’s fourth-quarter earnings report triggered a substantial decline in the company’s stock price and deepened a sense of wariness about its loan portfolio, industry observers are now watching for signs of deterioration in its deposit base.

They’re also wondering who’s overseeing the enterprise risk management function at the Hicksville, New York, company, which nearly doubled in size over the past 16 months.

A spokesperson for New York Community — which crossed the $100 billion-asset threshold in late March 2023 when it acquired large chunks of the failed Signature Bank — confirmed Monday night in an email that Nicholas Munson, the company’s chief risk officer since 2019, left “in early 2024.” 

Munson’s departure, which was first reported by the Financial Times, leaves a significant leadership gap that may exist for a couple of months, said Clifford Rossi, former chief risk officer for Citigroup’s consumer lending division.

How long the chief…

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