NYCB’s New CEO Wants It to Be More Like Other Regional Banks - Bloomberg
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NYCB’s New CEO Wants It to Be More Like Other Regional Banks

  • Otting sees bank as equally consumer, commercial, real estate
  • Diversification works through economic fluctuations, he says

Joseph Otting

Photographer: Victor J. Blue/Bloomberg
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New York Community Bancorp’s new leader wants the beleaguered commercial real estate lender to look more like other regional banks.

Chief Executive Officer Joseph Otting, a former comptroller of the currency, was named to his post Wednesday as part of an equity investment of more than $1 billion from investors led by former US Treasury Secretary Steven Mnuchin. Otting, who has experience turning around a regional lender, said Thursday that he wants Hicksville, New York-based NYCB to tone down its concentration on commercial real estate and ultimately look more like peers.

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