Reported about 1 month ago
New York Community Bank (NYCB) announced it will cut 700 jobs, approximately 8% of its workforce, at its Flagstar subsidiary as it strives to return to profitability after receiving over $1 billion in investor support earlier this year. Additionally, the bank is selling its mortgage-servicing business, which will lead to another 1,200 job reductions, although many employees may be offered positions at the buyer, Mr. Cooper. NYCB has faced challenges due to its recent acquisition of Signature Bank and ongoing issues in commercial real estate.
Source: YAHOO