New York Community Bancorp-Unit Flagstar Bank Cuts 700 Jobs, Plans More Layoffs

Dow Jones

2024/10/18

By Connor Hart

Flagstar Bank cut 8% of its employees, or about 700 workers, and has plans to lay off more.

The bank, a subsidiary of New York Community Bancorp, said Thursday that the cuts are part of a transformation strategy that aims to strengthen its management, increase operational efficiencies and enhance its credit oversight and risk framework.

In the current quarter, the bank expects to finalize the previously announced sale of its mortgage servicing and third-party origination business to Mr. Cooper, a transaction that will result in 1,200 additional employees being laid off. The company said that a majority of these workers will be offered the opportunity to transfer to the buyer.

New York Community Bancorp Chief Executive Joseph Otting said cost savings would enable the bank to focus on strategic investments and better serve its clients and shareholders, ensuring long-term sustainability and profitability.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

October 17, 2024 19:26 ET (23:26 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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