NYCB’s Flagstar Cuts 700 Staff With More to Depart in Unit Sale
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New York Community Bancorp’s Flagstar Bank is eliminating 700 jobs, or 8% of the workforce, as part of the lender’s effort to turn around its business.
The company, which plans to take the Flagstar name later this month, also expects that a previously announced sale of its residential mortgage servicing business will reduce its workforce by an additional 1,200 employees when the transaction is completed this quarter.