about 10 colleagues was told the were let off, severance is 2 weeks for each year of service
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It was to most cold, ruthless layoff I’ve ever seen
You were sent an invite and told to appear within 5 min of receiving it. The audio hardly worked as they read for a script and the only words I heard was your position is being eliminated. I have no access to workday and can’t even file for unemployment because I need the info. I’ve seen some ruthless things in banking but this was the worst. It’s a bunch of over paid bankers with no sales goals that grossly mismanaged funds. Good luck with the FRB people as they bankrupt another bank with their high salaries and risky mortgages. Take your clients and RUN
We are deeply saddened and concerned that Flagstar is laying off many long time Nycb and Columbia Bank employees who are the fabric and foundation to the success of the bank. Walking into a branch where everyone knows your name is the cornerstone of community banks. Large banks do not have that appeal and are too commercial. Columbia aka Queens County aka NYCB aka Flagstar rides on the successes off the backs of these dedicated employees.
An act like this will further deteriorate morale which is already at all-time lows. Maybe the top need to reassess their personal or pay scales and work towards saving their jobs. Greedy executives are always the cause of major companies going under while the executives cash out.
And to do this around the holidays is even more of a slap in the face then anything imagined.
Our condolences to all that lost their jobs due to incompetence and inefficiency. This is truly a sad day in what was a great family of employees now without jobs..
Comments on New York Vs. Michigan teams are shameful and unwarranted. Truth be told Legacy Flagstar was the strongest part of the merger. They were healthy and growing until the mis-managed multi-tenant commercial garbage and completely misguided risk assessments of Legacy NYCB destroyed a great organization. Note the only pieces being sold (That have any tangible value) are the pieces Flagstar had built. The commercial/multi-tenant FUBAR NYCB legacy "built" is the anchor that they couldn't sell for more than pennies on the dollar and what they are left trying to recover from. Shameful, ignorant, arrogant New Yorkers.
Was laid off this morning, so heartless and did it in 5 minutes . They were so cold and corporate robot about it , many managers laid off and seniors. They did it with all of us in the same room looking at the same computer too and told us we had to be out of the building before customers saw us.
I just had my 10 year anniversary and was met this morning with a webex meeting link via email that was sent to about 24 people. It had our regional and an HR rep included. It was nice to know there was a script out regional was reading off when we were told to return all keys and badges and vacate immediately.
I was laid off this morning through an online meeting. Many other people were laid off as well no remorse for any of us what so ever. A woman who worked at the company of 12 years was let go today completely blindsided
A thousand layoffs are occurring this week and next across all states. Rumor has it there are huge operational and bsa concerns requiring mandatory downsizing to help reduce 4th quarter losses. They are trying to get the layoffs completed by the next earnings call. The recent stock name change from NYCB to FLG to divert attention from the largest layoff in decades. An internal source informed me that the bank is forcing employees to sign non disclosure agreements. The new investors of the company are selling the bank piece by piece and drastically losing deposits in order to sell the company. There have been many new executives hired to make money. Current employees should be jumping ship by end of year.
OCTOBER 17, 2024-A lot of Layoff People NEED TO KNOW WHAT THEIR BANK IS DOING! ALL ABOUT THE MONEY! I WONDER IF ANY OF THE UPPER MANAGEMENT TEAM HAVE BEEN LAID OFF AS WELL! GOOD EMPLOYEES WERE LET GO!.
Many layoffs in NY back office yesterday including some top senior managers
Severance is two weeks per year at job maximum six months
Explanation was needed to cut expenses to try to regain profitability
Retail branches in NY hit today (Thursday) with layoffs.
The Michigan employees are dead weight. Overpaid and outsource all of their work. NY employees work circles around them at a discount. Hold on to your hate Troy!
michigan branches lost alot of part timers but now they are hiring a full timers to replace them why didnt they just offer them a full time position instead of letting them go. Also changed hours so no more late night Fridays & closed on Saturdays
What areas of the bank were impacted? Branch locations or back-office positions?
What if employees were off?? Did it happen in New York as well?
It was today. 10/17. This morning. Through a Webex. Total massacre. Completely blindsided.
Yes, they’re trying to keep it quiet but branch closing plans and many laid off on the west coast
What state?
Over 700 total, some branches are closing. My daughter just was notified of being laid off and branch closing.