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New York Community Bancorp sent its shares plummeting 26% on Friday after the regional lender said has discovered “material weaknesses” in the ways it tracks loan risks and that its CEO is leaving.

The New York-based firm announced late Thursday that CEO Thomas Cangemi would be leaving NYCB — capping off a 27-year tenure at NYCB — and that Alessandro DiNello would take his place, effective immediately.

DiNello, NYCB’s executive chairman, had been acting as the bank’s true boss since earlier this month, according to Yahoo Finance. In the weeks leading up to his departure, Cangemi had been reporting to DiNello, even changing its bylaws to make it happen.

One NYCB director, Hanif “Wally” Dahya, said in a Feb. 25 letter that he “did not support the proposed appointment” of DiNello as CEO without saying why, according to Yahoo.

Dahya, who had been presiding director, also resigned from the board on Thursday.

He was replaced by Marshall Lux, who initially joined NYCB’s board in early 2022, works as a senior partner at Boston Consulting Group, and previously served as global chief risk officer for Chase Consumer Bank at JP Morgan from 2007 to 2009, according to a press release on the leadership changes.

Separately on Thursday, the bank — among the top 30 in the US — amended its fourth-quarter losses from $252 million to $2.7 billion and divulged “internal control issues.”

As part of managements assessment of the Companys internal controls, management identified material weaknesses in the Companys internal controls related to internal loan review, resulting from ineffective oversight, risk assessment, and monitoring activities, the company said in a filing with the Securities and Exchange Commission.

DiNello insisted in the release that despite NYCB’s “recent challenges, we are confident in the direction of our bank and our ability to deliver for our customers, employees, and shareholders in the long term.”

“The changes were making to our board and leadership team are reflective of a new chapter that is underway, added.

Representatives for NYCB did not immediately respond to The Post’s request for comment.

The shakeup at NYCB is just the latest twist in a month-long saga that began in late January when the company — a major lender to New York apartment landlords — surprised analysts by slashing its dividend to stockpile more cash for loan losses.

The announcement reignited concerns about the commercial real estate market which, in New York City, has been struggling over the so-called urban doom loop caused by an influx of working from home during the pandemic — a trend that has stuck despite return-to-office mandates.

There have also been worries about the status of regional banks after three high-profile lenders suddenly collapsed last year: Silicon Valley Bank, Signature Bank, and First Republic Bank.

NYCB acquired failed Signature in a $2.7 billion deal in March 2023.

Shares of NYCB closed at $3.55, its lowest level since 1997. The stock is down 65% year to date.

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Judi Dench, Malala and Stanley Tucci join call for Starmer to ‘end UK complicity’ in Gaza

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Judi Dench, Malala and Stanley Tucci join call for Starmer to 'end UK complicity' in Gaza

Dame Judi Dench, Malala and Stanley Tucci are among another 100 famous names who have added their signatures to a letter urging Sir Keir Starmer to “end the UK’s complicity” in Gaza.

Sky News can exclusively reveal the Bond actress, Nobel Peace Prize winner and Conclave actor are among a host of public figures who have added their names to the letter.

At the end of May, Sky News revealed about 300 actors, bands, singers, activists and sportspeople signed the letter, organised by refugee charity Choose Love, calling on Sir Keir to suspend all UK arms sales and licences to Israel.

Dua Lipa, Benedict Cumberbatch and Gary Lineker were among the celebrities to also urge the PM to use all available means to ensure full humanitarian access and broker an immediate and permanent ceasefire.

Celebrities and activists also read out all the names of children killed in Gaza in front of parliament.

But three weeks later, they say nothing has changed.

Dua Lipa, Gary Lineker, Benedict Cumberbatch. Pics: PA
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Dua Lipa, Gary Lineker and Benedict Cumberbatch signed the letter in May. Pics: PA

Other new signatories include actors Florence Pugh and Russell Tovey, Dr Who star Ncuti Gatwa, singer Paolo Nutini, author Michael Rosen, musician Paul Weller, Little Mix members Leigh-Anne Pinnock and Jade Thirlwall, broadcaster Fearne Cotton, Game of Thrones actress Carice van Houten, Harry Potter actress Bonnie Wright and ex-England rugby captain Chris Robshaw.

The letter urges Sir Keir to “take immediate action to end the UK’s complicity in the horrors of Gaza”, and says children are starving “while food and medicine sit just minutes away”, in reference to Israel blocking aid into the territory.

It says 71,000 children under four are “acutely malnourished” and those who survive starvation “wake up to bombs falling on them”, with more than 15,000 children killed in the conflict so far.

Read more:
Israeli tanks kill 51 people waiting for aid in Gaza
Bodies of Israeli couple taken into Gaza by Hamas recovered

Ncuti Gatwa, who plays Dr Who, has signed the letter. Pic: Reuters
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Ncuti Gatwa, who plays Dr Who, has signed the letter. Pic: Reuters

Actress Florence Pugh has signed the letter. Pic: Reuters
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Actress Florence Pugh has also signed the letter. Pic: Reuters

Actor Russell Tovey has signed the letter. Pic: Reuters
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Actor Russell Tovey is a signatory too. Pic: Reuters

“Violence stamped with UK inaction – flown with parts shipped from British factories to Israel – could be obliterating families in seconds,” the letter adds.

“You can’t call it ‘intolerable’, yet do nothing.

“Every moment this continues, is another moment children die on our watch.

“History is written in moments of moral clarity. This is one. The world is watching and history will not forget. The children of Gaza cannot wait another minute.

“Prime minister, what will you choose? Complicity in war crimes, or the courage to act?”

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Steve Coogan: It has to stop

What has Starmer said and done about Gaza?

In September, the UK suspended about 30 arms export licences to Israel, but government export licensing figures from May show the UK approved licences for £127.6m worth of military equipment from October to December 2024 – more than the total between 2020 and 2023.

Since the first letter was sent, Sir Keir has called Israel’s actions in Gaza – both the blockade of aid and strikes – “appalling and intolerable”.

Some of his own MPs are pressuring him to take further action against Israel and call the 20-month war – which started when Hamas killed 1,195 people in Israel and took 250 hostage – a genocide, but he has not used those words.

On 10 June, the UK, Australia, Canada, New Zealand and Norway sanctioned far-right Israeli ministers Itamar Ben-Gvir and Bezalel Smotrich over “repeated incitements of violence against Palestinian civilians”.

They are banned from entering the UK and are now subject to a freeze on UK assets and director disqualifications.

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Gaza crisis ‘acute’ and continuing

Last week, Sir Keir said more RAF jets, including Typhoons and air-to-air refuelers, were being sent to the Middle East after Israel and Iran attacked each other.

On Tuesday, Sir Keir told Sky News’ political editor Beth Rigby he is “worried about the impact” escalation between the two countries will have on Gaza.

Josie Naughton, co-founder and CEO of Choose Love, said: “Since we urged the government to end its complicity in the horrors of Gaza, more people have added their voice to our call. We cannot be silent while children are being killed and families are being starved.

“It took us 18 hours to read the 15,613 names of children known to be killed in Gaza. Every single one of them was someone’s whole universe. Every one of them deserved better.

“The situation is changing by the second, but until the UK government has halted all arms sales and licences to Israel, ensured that humanitarian aid can reach people starving inside Gaza and stopped the killing, they will not have done enough.

“History will remember how we acted in this moment. We beg Keir Starmer to end the UK’s complicity in these horrors.”

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A government spokesperson said: “We strongly oppose the expansion of military operations in Gaza and call on the Israeli government to cease its offensive and immediately allow for unfettered access to humanitarian aid.

“The denial of essential humanitarian assistance to the civilian population in Gaza is unacceptable and risks breaching international humanitarian law.”

The spokesperson added: “Last year, we suspended export licences to Israel for items used in military operations in Gaza and continue to refuse licences for military goods that could be used by Israel in the current conflict.

“We urge all parties to urgently agree a ceasefire agreement and work towards a permanent and sustainable peace.”

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Post Office scandal: ‘Hugely significant’ evidence unearthed in computer expert’s garage

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Crucial evidence in Post Office scandal found in garage of retired computer expert after 30 years

A damning report into the faulty Post Office IT system that preceded Horizon has been unearthed after nearly 30 years – and it could help overturn criminal convictions.

The document, known about by the Post Office in 1998, is described as “hugely significant” and a “fundamental piece of evidence” and was found in a garage by a retired computer expert.

Capture was a piece of accounting software, likely to have caused errors, used in more than 2,000 branches between 1992 and 1999.

It came before the infamous faulty Horizon software scandal, which saw hundreds of sub-postmasters wrongfully convicted between 1999 and 2015.

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What is the Capture scandal?

The “lost long” Capture documents were discovered in a garage by a retired computer expert who came forward after a Sky News report into the case of Patricia Owen, a convicted sub-postmistress who used the software.

Adrian Montagu was supposed to be a key witness for Pat’s defence at her trial in 1998 but her family always believed he had never turned up, despite his computer “just sitting there” in court.

Mr Montagu, however, insists he did attend.

He describes being in the courtroom and adds that “at some point into the trial” he was stood down by the barrister for Mrs Owen with “no reason” given.

Adrian Montagu was supposed to be a key witness for Pat's defence
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Adrian Montagu was supposed to be a key witness for Pat’s defence

Sky News has seen contemporaneous notes proving Mr Montagu did go to Canterbury Crown Court for the first one or two days of the trial in June 1998.

“I went to the court and I set up a computer with a big old screen,” he says.

“I remember being there, I remember the judge introducing everybody very properly…but the barrister in question for the defence, he went along and said ‘I am not going to need you so you don’t need to be here any more’.

“I wasn’t asked back.”

The 'lost long' Capture documents were discovered in a garage
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The ‘lost long’ Capture documents were discovered in a garage

Sky News has reached out to the barrister in Pat Owen’s case who said he had no recollection of it.

‘An accident waiting to happen’

The report, commissioned by the defence and written by Adrian Montagu and his colleague, describes Capture as “an accident waiting to happen”, and “totally discredited”.

It concludes that “reasonable doubt exists as to whether any criminal offence has taken place”.

It also states that the software “is quite capable of producing absurd gibberish”, and describes “several insidious faults…which would not be necessarily apparent to the user”.

All of which produced “arithmetical or accounting errors”.

Sky News has also seen documents suggesting the jury in Pat Owen’s case may never have seen the report.

What is clear is that they did not hear evidence from its author including his planned “demonstration” of how Capture could produce accounting errors.

But flaws were found within it
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But flaws were found within it

Pat Owen was convicted of stealing from her Post Office branch in 1998 and given a suspended prison sentence.

Her family describe how it “wrecked” her life, contributing towards her ill health, and she died in 2003 before the wider Post Office scandal came to light.

Her daughter Juliet said her mother fought with “everything she could”.

“To know that in the background there was Adrian with this (report) that would have changed everything, not just for mum but for every Capture victim after that, I think is shocking and really upsetting – really, really upsetting.”

Pat died before the contents of the report came to light
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Pat died before the contents of the report came to light

The report itself was served on the Post Office lawyers – who continued to prosecute sub-postmasters in the months and years after Pat Owen’s trial.

‘My blood is boiling’

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‘They knew software was faulty’

Steve Marston, who used the Capture software in his branch, was one of them – he was convicted of stealing nearly £80,000 in September 1998.

His prosecution took place four months after the Capture report had been served on the Post Office.

Steve says he was persuaded to plead guilty with the “threat of jail” hanging over him and received a suspended sentence.

He describes the discovery of the report as “incredible” and says his “blood is boiling” and he feels “betrayed”.

“So they knew that the software was faulty?,” he says. “It’s in black and white isn’t it? And yet they still pressed on doing what they did.

“They used Capture evidence … as the evidence to get me to plead guilty to avoid jail.

“They kept telling us it was safe…They knew the software should never have been used in 1998, didn’t they?”

Steve says his family’s lives were destroyed and the knowledge of this report could have “changed everything”.

He says he would have fought the case “instead of giving in”.

“How dare they. And no doubt I certainly wasn’t the last one…And yet they knew they were convicting people with faulty software, faulty computers.”

Steve's prosecution took place four months after the Capture report had been served on the Post Office
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Steve’s prosecution took place four months after the Capture report had been served on the Post Office

The report is now with the Criminal Cases Review Commission, the body investigating potential miscarriages of justice, which is currently looking into 28 Capture cases.

A fundamental piece of evidence

Neil Hudgell, the lawyer representing more than 100 victims, describes the report as “hugely significant”, “seismic” and a “fundamental piece of evidence”.

“I’m as confident as I can be that this is a good day for families like Steve Marston and Mrs Owen’s family,” he says.

“I think (the documents) could be very pivotal in delivering the exoneration that they very badly deserve.”

He also added that “there’s absolutely no doubt” that the “entire contents” of the “damning” report “was under the noses of the Post Office at a very early stage”.

Pat Owen was convicted of stealing from her Post Office branch in 1998
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Pat Owen

He describes it as a “massive missed opportunity” and “early red flag” for the Post Office which went on to prosecute hundreds who used Horizon in the years that followed.

Read more from Sky News:
Sir Alan Bates attacks ‘kangaroo court’ Post Office scheme
Widow received compensation letter days after his death

“It is a continuation of a theme that obviously has rolled out over the subsequent 20 plus years in relation to Horizon,” he says.

“…if this had seen the light of day in its proper sense, and poor Mrs Owen had not been convicted, the domino effect of what followed may not have happened.”

What the Post Office said

Sky News approached the former Chief Executive of the Post Office during the Capture years, John Roberts, who said: “I can’t recall any discussion at my level, or that of the board, about Capture at any time while I was CEO.”

A statement from the Post Office said: “We have been very concerned about the reported problems relating to the use of the Capture software and are sincerely sorry for past failings that have caused suffering to postmasters.

“We are determined that past wrongs are put right and are continuing to support the government’s work and fully co-operating with the Criminal Cases Review Commission as it investigates several cases which may be Capture related.”

A Department for Business and Trade spokesperson said: “Postmasters including Patricia Owen endured immeasurable suffering, and we continue to listen to those who have been sharing their stories on the Capture system.

“Government officials met with postmasters recently as part of our commitment to develop an effective and fair redress process for those affected by Capture, and we will continue to keep them updated.”

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Warm Home Discount extended to 2.7 million more households

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Warm Home Discount extended to 2.7 million more households

Energy bill discounts of £150 will be extended to another 2.7 million households to help with fuel costs this winter.

It brings the number of households eligible for the Warm Home Discount up to just over 6 million, including 900,000 families with children, the Department for Energy Security and Net Zero (DESNZ) said.

The changes mean every bill payer on means-tested benefits will qualify, removing the high-cost-to-heat threshold in the current regulations.

It follows a government consultation on expanding the one-off payment to more people struggling with fuel poverty.

Prime Minister Keir Starmer said: “I know families are still struggling with the cost of living, and I know the fear that comes with not being able to afford your next bill.

“Providing security and peace of mind for working people is deeply personal to me as prime minister and foundational for the Plan for Change.

“I have no doubt that, like rolling out free school meals, breakfast clubs and childcare support, extending this £150 energy bills support to millions more families will make a real difference.”

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The Conservatives criticised the move, saying the announcement will only cut bills for a quarter of households.

Andrew Bowie, the acting shadow energy secretary, criticised Labour’s green energy drive, claiming that it would increase bills for most people.

“Kemi Badenoch and I have been clear that net zero by 2050 is impossible without bankrupting Britain and making hard-working families worse off,” he said.

Read More:
Battle to convince MPs to back benefit cuts to more than three million households
Energy bosses clash over ‘postcode pricing’ proposals

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Sky questions PM on winter fuel payment U-turn

Typical yearly energy bills are expected to fall by £129 from July, Ofgem has said.

However typical bills under the July to September 2025 price cap will still be 42% higher than in winter 2021/22, according to a House of Commons research briefing.

The Warm Home Discount scheme was introduced by the coalition government in 2011 to help people on low incomes with their fuel bills.

Adam Scorer, the chief executive of National Energy Action, said today’s announcement is “hugely positive news” but is “far from sturdy”.

“The rebate has only increased by a meagre £10 during a period in which energy bills have gone up by £500 a year and there is no clarity on the programme beyond the end of March next year,” he said.

“This announcement is good news for this winter, but the government needs to come up with a longer-term plan for providing deeper support in future for people who cannot afford a warm and healthy home.”

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