NYCB's Flagstar unit to cut around 1,900 jobs
(Reuters) -New York Community Bancorp unit Flagstar Bank will lay off around 1,900 employees, the U.S. regional lender said on Thursday, amid efforts to turn around its struggling business.
Flagstar announced around 700 job reductions and said an additional 1,200 jobs will be cut after it completes the sale of its mortgage servicing unit to non-bank mortgage platform Mr. Cooper .
NYCB said it anticipates finalizing a $1.4 billion sale of the unit to Mr. Cooper in the fourth quarter of 2024, adding that the majority of employees impacted by the layoffs will be able to work for Mr. Cooper.
NYCB came under pressure after it reported increased stress in its commercial real estate portfolio in January, which also rekindled concerns over the health of the sector recovering from the failures of a slew of regional banks in 2023.
NYCB, which on Tuesday said it will rename itself as Flagstar Financial, acquired Flagstar Bank in 2021 for $2.6 billion.
(Reporting by Gursimran Kaur in Bengaluru; Editing by Shreya Biswas)
Related Articles
Cathie Wood’s ARKK Surges 54% in 3 Months — Is Crypto the Main Investment Theme of 2025?
TradingKey - Crypto stocks are getting their groove back, and Cathie Wood isn’t missing a beat. Over the past three months, ARK Innovation ETF (ARKK), ARK Invest’s flagship fund, has surged more than 54%. In June alone, it gained a whopping 23%, making it one of the best-performing U.S. growth ETFs
What to Expect From Microsoft Q4 FY2025 Earnings: The King of AI Monetization — A $4 Trillion Market Cap Within Reach?
TradingKey - Cloud giant Microsoft (MSFT.US) will report its fiscal fourth-quarter 2025 earnings (calendar Q2) after the U.S. market close on July 30. Wall Street is bullish, expecting strong results from Azure cloud services and AI-driven growth to propel Microsoft’s market capitalization toward
U.S. GDP, PCE, and Fed Rate Decision Preview: U.S. Stocks May Continue to Rise
TradingKey - The United States is set to release its latest GDP and PCE data on 30–31 July 2025, with the Federal Reserve’s interest rate decision expected concurrently. Market consensus anticipates that the annualized real GDP growth rate for the second quarter will turn positive
What to Expect From Meta Q2 Earnings: AI Push, Ad Strength — But Can Profitability Hold?
TradingKey - Meta Platforms (META), the parent company of Facebook, Instagram, and WhatsApp, will release its Q2 2025 earnings after the U.S. market close on Wednesday, July 30. After nine consecutive quarters of beating expectations, analysts expect another strong performance — driven by AI-powered
