about 10 colleagues was told the were let off, severance is 2 weeks for each year of service
298 replies (most recent on top)
How about a meeting to give us our jobs back !!!
There’s a town hall on Friday about the earnings call that’s taking place on the same day. Because that’s the most important thing right now… and what we are all dying to know. rolls eyes
Imagine seeing those lying faces again! Yo that feels super sh---y! God surely gave us all a better life than the devil who wants us back there!
They said there are openings at Richmond road… nope I’m not applying because I don’t want to go through a second lay off! That’s a fu--ing waste of time to even think about it! Low pay… not worth the stress
NYCB should have left Signature Bank the way they found it, COLLASPED! Signature Bank has been nothing but bad luck.
Apparently they realized they are short of staff and the manager that laid me off called saying "there is an opening to apply". Fck u! I will never go back to that fcking he-l hole! Not in a million years!
If you see something, say something. The bank has a whistleblower hotline.
So as I had said in a previous post I had been with the company for 10 years before I was laid off last Thursday. With that said can anybody who was also let go give me some I sight in when we should expect "walking papers"? I am actively seaking other employment options in other fields besides banking. I have never been through something like this. I feel for the many others in my position I want to be proactive. Any insight would be helpful. Good luck to all in whatever you do after.
The bank failed us in many ways and the people that are making the decisions refuse to look in the mirror and admit there is an issue. They don’t know what they are doing or how to move forward. They wanted to protect their yes people that are over paid. They are not looking for success. As long as the company gives them an exorbitant pay check they are ok. They will either retire again or group together and prey on another company. As long as they have someone to crank out their work they will exist. They do not want people to know that they support a hostile work environment. HR does not exist, they are reps that allow mistreatment of employees and are paid to ignore the awful behavior and the same with management. The higher ups are aware and turn their heads. They do not have people that care for them so they come to work and demand your attention. They want to break you down.
There are a lot of corporate people (IT, risk, HR etc) working from home and I personally know many that DO NOTHING AT ALL, just pretend to work and not even do a single damm thing, yet they are staying and hard working employees who goes to office everyday are laid off! This bank is full of BS and ready to fail, lots of fraud and dishonesty in this place!
You are totally replaceable at work. But NO ONE can replace you at home.
Never forget that.
Multiple CEOs in a short period of time.
Execs are appointed by buddies.
They don’t go through a regular hiring process.
The same with the board.
The board is supposed to be checks and balances.
Acting CIO has not been vetted.
Cannot build a team virtually.
Tons of people are working from home that are favored.
People say some of the Execs rented houses because they don’t want to own.
After over 10 years devoting for this bank (nycb), some exec from Flagstar decided that I am laid off. If I am bad why I have been rated exceed expectation everu f*cking year? I exceed sales target, meet all requirements, calling customers on day off to convince them not to leave the bank. Guess what? I got got treated like criminal!! that cunning HR lady who told me my position ended while showing no empathy, no emotional support is like in a horror movie when they enjoy people suffering. When they asked me to move branch, I even sign a new lease to be there with the team, now I am gonna be homeless, my kids won't have any presents they need this Christmas! Why now?
Guys keep sharing!!!
I am not here for me but I am doing it for the innocent people who cannot afford their child’s medicine, food, or even rent! I’m doing it for them! I don’t want to even reapply to this nasty bank, mainly to work with people with no class! Respect! Or ethics!
Reading some comments… the list of reasons why some employees got laid off?
CAN YOU EXPLAIN HOW MY MANAGER SPOKE TO ONE OF THE EMPLOYEES AND THEY BOTH SPOKE TO CHRIS WHICH RESULTED IN SAVING THEIR JOB????
THEY GOT THE WORST CUSTOMER SERVICE! WOULD YOU CALL YOUR CUSTOMERS A FU--ING PEICE OF SH-T FOR COMING TO THE BRANCH? CONSISTENT ATTITUDE? MANY BIG ARGUMENTS AND FIGHTS IN THE BRANCH COVERED BY ASSISTANT MANAGER??
ITS CALLED FAVORITISM AND THATS ILLEGAL TO DO!!! THEY ARE STILL THERE!
DID THEY DO SALESFORCE CORRECTLY? NO! THEY SKIPPED OVER CUSTOMERS AND BACK TO THEIR PERSONAL PHONES!
Listen!
I personally took my personal time after work and no pay looking for new customers and bringing in new money. I kept up with targets, I kept up with salesforce, I have awards for best customer service and community involvement and I still got laid off?
Explain why you allow favoritism? NYCB and Flagstar bank su-ks dude! Their policies su-ks! Their culture su-ks! Their work ethics su-ks! And Chris bruh sorry but you have looks of a big liar! Large nose and small forehead! Which you are! A big marketing liar!
Keep sharing this thread it needs to be known !!
I am glad I found this website and feel like I am not alone. I am single mom with 2 kids aged 3 and 6. Because of this layoff, my kids will greatly suffer. I worked so hard all these 12 years and never expect they let me go right before the holidays. My job performance was always stellar and never had any warning from my manager. F*ck you Flagstar! Of all the time, why chose the time when we are the most vulnerable and noone is hiring?
Does the Mr cooper sale apply to the commercial real estate group or just residential side?
Anyone not hearing anything from Mr Cooper are supposedly will be let off. All offers finalized.
Has anyone actually gotten written offers to mr cooper? The only people I’ve heard about getting one only have a verbal offer and nothing in writing yet, which seems odd with the sale supposedly closing so soon.
I am not directly involved in this layoff but can offer some insight. This project obviously has been carefully planned for months. Laif off employees fall into one of these categories:
- Redudant or overlapping positions. For example, same role of 2 colleagues from merging entities
- Employees not meeting target performance and did not show good progress after certain time
- Employees whose skills no longer of beneficial to the company (can be automated etc)
- Positions became obsolete, e.g. after selling certain product portfolios
- Employees whose compensations fell outside of target ranges for skillsets and experiences or can be hired in more cost effective locations
As in any big companies, there will be reduction of workforce to meet certain strategic goals. Citi, Chase, JPM etc all lay off thousands of employees every year. Employees need to constantly update skills to stay relevant and valuable to the company.
For those remaining employees, there will be December layoff too, they just keep people temporarily till they sell off entire bank!
It also mentions to reapply even though they do not intend on hiring.
BTW guys, the WARN letter reads "There are 113 employees being permanently laid off at the Worksite. While we have not established the exact date of the permanent layoffs, they are currently expected to take place between October 30, 2024 and November 13, 2024."
To the warn notice comment. The letterhead is dated August. It seems like it would be in this current time frame since it is a 60 day notice but, not knowing if all of the 113 people are gone it is difficult to tell. Even when they do share it is written poorly maybe on purpose as to not bring attention to it.
I must have touched a nerve with my open letter post. It’s gone. Nothing was in it that wasn’t in Senator Warren’s letter. That should tell you everything you need to know about this whole debacle. I am considering legal counsel. How do we find out if a class action suit will be filed?
There’s a WARN notice posted for 113 people in Michigan for October 30,2024. Is this notice for the last round of layoffs or will there be more on October 30? This su-ks so much. I’m so sad for everyone who has been laid off and for also those who have to pick up the pieces being short staffed. This company is so garbage.
WE ARE ALL WORKING LIKE DOGS NOW. AND WE CANT EVEN GET FLOATERS TO HELP US BECAUSE THEY HAVE TO HELP BRANCHES IN "DIRE NEED". WHY DO THIS TO US?!
It’s a shame that the people who got laid off are the ones who are actually trying to make a difference, good/top performers, long time employees, and actually knows their sh-t.
It shows that the heads of these department and branches are only there to save their as--s, make themselves look good, or because they are too insecure that you are doing your job almost too perfectly.
I learned ever since that when our bank was bought, the management didn’t really care about what we do and about us in general until we changed executives. They started doting on Commercial and Private Bank and my management realized that they wanted to be involved after ignoring us for almost 2 years. After several times of ignoring, they decided, they wanted a piece of the pie of our hard work and eventually drove us off and pretended they did all the work.
it’s really gross how narcissistic these people are.
Anyway, I feel sorry for those who still works there. Managers don’t have any plans on how responsibilities will be covered. They will pass it on to someone else knowing they won’t get a raise/change of comp for next year.
I wish nothing for the executives but to rot in he-l and bad luck :)
MANAGERS
Stand up for your team isn’t that what a team is how can you all allow this to happen being short staff!!!!!!
Good morning I am a long time customer i went into my local branch and the girl who always helps me is no longer there people I never seen before I had to wait almost 45 min. And they were so rude because there short staff .This is not how you run a bank get your employees back this is disgraceful Iwill not be going to this bank I felt so uncomfortable there . I can take my money anywhere down to T D bank!! You people should be ashamed of your self’s I used to love my walks to my bank seeing friendly faces .
Somehow we need to get heard let everyone know what they did to us .This is not ok to make all of us lose our jobs ? They have till Nov 1 or we all file against them.
Ever since February Flagstar Bank has had A LOT OF FRAUD GOING ON!! THERE ARE EMPLOYEES TALKING TO CUSTOMERS WITH EAR BUDS ON, EITHER WHEN ASSISTING CUSTOMERS AT THE TELLER WINDOW OR AT THE DESK, CUSTOMERS ACCOUNTS HAVE BEEN DRAINED of THEIR MONEY! MAKES ME WONDER IF ITS AN INSIDE JOB?? WE ARE SUPPOSED TO BE LEADERS, YES LEAD YOUR TEAM TO USE THEIR PHONES WHILE INTERACTING WITH YOUR CUSTOMERS!! THAT IS OKAY TO DO!! PEOPLE WAKE UP, TAKE YOUR MONEY AND GO TO A DIFFERENT BANK THAT YOU CAN TRUST
What was the purpose of the NDA to keep the layoff a secret or to hide how it was decided to eliminate people?
I went to a bank located in Castleton Ave, west Brighton! I wanted to open a CD and this very rude person open the door so harsh and asked me with a frown face why I was here! The person said I can leave because my transactions are complete but I was there to open a CD. I was not feeling well and that was a time I got out of home after several months due to my condition but when this person was so rude to me I started feeling more uncomfortable! I was very upset I just walked away like I was being let go in a disgusting manner!
There was another girl she gave me some water and said I could rest on the side chair until I feel better! No CD opened and I left.
This branch is out of words to explain how they treat customers! Terrible!
THEY ARE LYING TO YOU! THIS BANK IS FAILING!
People lost all their stock money $50,000 $20,000… $10,000… $5000 and even more! Are you trying to say flagstar is doing good!!!! You guys are going bankrupt! That’s the truth! Highest interest rates in the island? Says a lot about your bank!!! You guys are failing like you have failed many times before!! What a roller coaster ride! From one name to another and then another and now another and next?
I still see customers whose money isn’t insured beyond $250,000! When this BANK FAILS all that uninsured money is in the CEO pockets! And all other higher ups!
Don’t come to this thread and say how much of compensation we will get… I only got $50 last time for the entire year working there for years…. And my pay was as low as working for Dunkin’ Donuts (per/ hour)!
All the higher ups are mentioning things to save their ar-e and don’t let that happen! Mention the truth! You giving us a raise of $0.25 cents for working 3 years????? You fu--ing ba----ds don’t come fu--ing lying here! Get the fu-k out of here!
New York Community Bancorp (NYCB) this week announced that it rebranded to Flagstar Bank, laid off 700 employees and anticipated the transition of another 1,200 to Mr. Cooper Group as part of the sale of its third-party origination (TPO) business and mortgage servicing rights (MSRs).
The changes come after NYCB, which concluded a merger with Flagstar in December 2022 and acquired some of Signature Bank‘s assets in March 2023, faced a confidence crisis related to its commercial real estate portfolio. The financial institution received a $1 billion equity investment and sold $5 billion in warehouse mortgages to JPMorgan Chase Bank.
NYCB said in a statement that the workforce reduction, which affects 8% of its employees, is part of its strategic plan to integrate its three legacy banks. In many cases, roles were similar or duplicative.
Mr. Otting will receive an annual base salary of $1,250,000. He will also be eligible to receive an annual cash bonus with a target amount of $2,250,000 and a maximum amount of $4,500,000. Effective as of March 6, 2024, Mr. Otting received a one-time stock option grant to acquire 15,000,000 shares of the Company's common stock, with an exercise price of $2.00 per share, subject to vesting in 12 equal quarterly installments commencing on March 6, 2024, subject to accelerated vesting upon a change in control of the Company, with any applicable taxes payable by way of a net settlement.
Mr. Otting will be eligible to participate in the Company's benefit plans on the same basis as other senior executives of the Company. The Company will also pay for Mr. Otting's relocation costs and related expenses relating to his relocation to the New York City metropolitan area
Everyone File !!