Flagstar Bank, a subsidiary of New York Community Bank, has announced a strategic plan to reduce its workforce. Approximately 700 employees, making up 8% of the bank's total staff, will be affected by these layoffs. This move is part of the company's broader strategy for business transformation.
Additionally, Flagstar Bank has outlined plans to sell its mortgage servicing and third-party origination businesses by the fourth quarter of 2024. This transaction is expected to impact about 1,200 employees, although most will have the opportunity to transition to the acquiring company.
