New York Community Bank, the midsize lender under pressure over its real estate loans and internal management, announced an overhaul on Wednesday that included more than $1 billion in emergency cash, the addition of former Treasury Secretary Steven Mnuchin to its board and the appointment of its third chief executive in a month.
The investment of more than $1 billion includes cash from Mr. Mnuchin’s private equity firm, Liberty Strategic Capital, and Kenneth Griffin’s Citadel Global Equities, among others.
The bank’s new chief executive, Joseph Otting, worked closely with Mr. Mnuchin in the past.
He ran OneWest Bank, then owned by Mr. Mnuchin, for five years.
He also oversaw the Office of the Comptroller of the Currency, one of the banking industry’s primary regulators, during the Trump administration.
Persons:
Steven Mnuchin, Kenneth Griffin’s, Joseph Otting, Mnuchin, Trump
Organizations:
York Community Bank, Silicon Valley Bank, Liberty Strategic Capital, Global, OneWest Bank, Mr
Locations:
Washington, Silicon