Flagstar Bank laying off 173 employees in Michigan [Yahoo! Finance]
New York Community Bancorp, Inc. (NYCB)
Last new york community bancorp, inc. earnings: 4/29 07:00 am
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Source: Yahoo! Finance
In layoff notices filed with the state, Flagstar said that by the end of this month it will lay off 113 employees from its Troy office and 60 employees from its Jackson office. The Troy layoffs were prompted by Flagstar's planned sale of its mortgage servicing business to Dallas-based Mr. Cooper, and the Jackson layoffs by the sale of its mortgage "warehouse" lending business to JP Morgan Chase. The Michigan layoffs following last week's announcement by Flagstar Bank's parent company, New York Community Bancorp., that it was laying off 700 employees — 8% of its workforce — as part of a "workforce reduction" plan, plus an additional 1,200 employees as part of the sale to Mr. Cooper. The announcement said a majority of the group of 1,200 would be given the option to transfer over to Mr. Cooper. A Flagstar Bank representative was not immediately available Wednesday to discuss reasons for the business unit sales. Flagstar is the No. 4 bank in Michigan based on total deposits, w
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