Flagstar Bank to cut 8% of its workforce
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 17 2024
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Workforce Reduction Announcement: Flagstar Bank is reducing its workforce by approximately 700 employees, or 8%, as part of a strategic transformation plan to integrate its legacy banks following acquisitions.
Future Employment Changes: The bank plans to finalize the sale of its Mortgage Servicing and Third-Party Origination business, which will lead to an additional reduction of about 1,200 employees, most of whom may have the option to transfer to the buyer, Mr. Cooper.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
