Flagstar Bank Reviews

Updated August 7, 2015
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Flagstar Bank President & CEO Alessandro P. DiNello
Alessandro P. DiNello
18 Ratings

Pros
  • There are a lot of good people, but also a lot of fake people (in 7 reviews)

  • clean work environment, no clock punch, managers are nice (in 5 reviews)

Cons
  • And often changes in upper management in the last 3 or 4 years (in 7 reviews)

  • There is little room for advancement and the leadership is constantly changing goals (in 4 reviews)

More Pros and Cons

46 Employee Reviews

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  1. I'd stay away.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Branch Manager in Carmel, IN
    Former Employee - Branch Manager in Carmel, IN
    Doesn't Recommend

    Pros

    Pay is decent. Can have some scheduling flexibility. Great place to work if you're content to just follow marching orders.

    Cons

    A closely held company, management feels and strongly reacts to stock market fluctuations, very poorly. Little support for Branch Managers.

    Advice to Management

    Listen to your branch employees when they offer feedback. The bank should allow for "bottom up" feedback.


  2. Disappointing

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT Business Analyst in Troy, MI
    Current Employee - IT Business Analyst in Troy, MI
    Doesn't Recommend
    No opinion of CEO

    Pros

    plenty of IT work on the horizon, if market conditions improve in mortgage industry

    Cons

    Lack of vision and poor decision making by senior IT leadership. Lack of growth opportunities.

    Advice to Management

    Talk with front line IT employees, empower development teams to self manage, and goals will be accomplished. Current heavy handed, micro managing at mid management level is stiffing innovation and ownership of work by development teams. Collaboration is simply effective communication and coordination. Don't over complicate it.


  3. Low pay

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Licensed Banker in Duluth, GA
    Current Employee - Licensed Banker in Duluth, GA
    Doesn't Recommend

    Pros

    Easy to shine, but no reward for going the extra mile.

    Cons

    Very, Very low pay. No raises going on 3 years now. Sometimes you have to work from 7 to 7. 7 day work weeks, no weekends. All for 10-14 dollars an hour; seriously.

    Advice to Management

    Copy other banks. If it works for them is should be a no-brainer. Pay more, pay more.


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  5. Interviewer Beware

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Software Developer in Troy, MI
    Former Employee - Software Developer in Troy, MI
    Doesn't Recommend
    Disapproves of CEO

    Pros

    7.5 hour work days, and finally adpoting buisness casual dress code are about all I can think of.

    Cons

    After becoming a distressed company and being purchased by Matlin Patterson in 2008 things have really fallen apart. Be warned that this company has slashed the I.T. department quarterly since then. Only with the recent improvement in the job markets has hiring re-started. Most currently employees will admit to looking for new employment elsewhere and their churn rate is on average 1 employee leaving per week. While Boasting an "Agile" development shop, this is rather new and poorly implemented with more paperwork and requirements than some waterfall approaches. The technology is fragmented across multiple systems, languages and even within languages. A good example would be the use of Struts 2, 3 and Spring or Ant and Maven or Java 1.4-1.6 depending on the day. If you are in need of a job to feed your family, perhaps consider an offer but don't stop looking. If you think this warning may be outdated as about the newly Morale committee (2010) and what they are doing to improve morale and reduce the number of veteran developers leaving.

    Advice to Management

    Trim your management down, or find something constructive to do with the mid level managers.


  6. Helpful (2)

    Avoid Flagstar unless a major management shake-up occurs

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Troy, MI
    Former Employee - Anonymous Employee in Troy, MI
    Doesn't Recommend
    No opinion of CEO

    Pros

    In IT, you can do whatever you wish, as the only standard practice is to make up your own personal standards.

    Cons

    Regarding IT software development management: none are competent, all are wishy-washy and unwilling to take a stand on anything, especially development standards. None are qualified for the job and would be better off doing another type of work: your best doers are not generally your best managers. New management is totally ineffective: they added another layer without ousting any of the managers that are holding the company back. This is especially true in IT and loss mitigation.

    Advice to Management

    How can you continue to ignore the bleeding in loss mit?!?!? Remove the old management, choose an automated method to improve the workflow, and get the work done. If need be, bring in new staff that aren't so locked into the old manual ways of doing things. I have never seen a takeover involve NO firings of existing management. The new management needs to root out the deadwood and get things headed in a positive direction.


  7. Helpful (1)

    Potential Employees - Stay Away

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Troy, MI
    Former Employee - Anonymous Employee in Troy, MI
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Good Compensation Decent Benefits Work-Life Balance is good

    Cons

    Clueless Management Only people belonging to the 'inner circle' have their ideas heard distrust between groups is encouraged by management morale is rock bottom 7.5 hour workday that is boasted by HR is a complete joke to salaried staff Salaried people have to badge in and out with the hourly people but aren't paid overtime. Instead, it is used as a barometer of who is dedicated and who isn't Expectation that you are available for monthly builds on weekends but aren't givent any comp time for it

    Advice to Management

    Consider fry-cook at McDonald's, but you are probably under-qualified Why do you think that so many people are leaving who are not managers? Don't expect people to stay around when you tell them that they should be considered 'blessed' for staying at such a 'great company', give out nothing for raises and then expect the rank and file staff to pick up the work of three other people that you laid off due to your incompetence.


  8. Stay away!

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Retail Banking
    Current Employee - Retail Banking
    Doesn't Recommend

    Pros

    Not much to go on. Co-workers are great to work with and benefits are decent.....Get some vacation but seems like a guilt trip anytime you asked for it because staffing is so poor.

    Cons

    Poor management Poor compensation Extemely short staff Poor attitudes Micromanagement by force of upper management Little opportunity Poorly run company

    Advice to Management

    Figure out a way to boost employee morale. Senior management gets paid the big bucks. Can't seem to figure out why they can't do that with the positions they hold. Marketing can't seem to figure out how to drive business in the door. Only way to attract outside/potential customers is to go out and get them. Little marketing whatsoever. We are way down on the scale in production as compared to other banks. With extremely minimal staffing, makes it difficult to do our jobs. Need to recognize those that actually do work hard and pay them for it. Don't just hand over extra responsibilies with no reward. Keep your employees happy and the company will improve. Additionally, listen to what your employees have to say. It can't hurt!


  9. Helpful (1)

    Senior Business Analyst

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Business Analyst in Troy, MI
    Former Employee - Senior Business Analyst in Troy, MI
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Flagstar Bank full-time (More than a year)

    Pros

    good location good pay easy hours No supervision

    Cons

    Worst place I have ever worked. No one cares about doing a good job. Salaried employees clock in like they are hourly workers. Everyone is very unprofessional. Profanity flies in the office. Always willing to point finger at others. The morale is horrible and the leaders have a 'morale boosting' committee that is a joke.

    Advice to Management

    Fire all the management in IT and start over.


  10. Helpful (1)

    Horrible management from the bottom to the top

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Commercial Lender in Troy, MI
    Former Employee - Commercial Lender in Troy, MI
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Flagstar Bank full-time (More than 3 years)

    Pros

    Can't think of any real positives. Maybe that there is a half decent cafe on site but its too expensive.

    Cons

    professionals have to punch in and out like factory workers. Timecard is watched like a hawk seems like everyone is unhappy. Its a very depressing environment

    Advice to Management

    Support your staff, get rid of useless middle management that don't know what they are doing.


  11. Helpful (3)

    Micro Managing Company with zero regard for their employees (Branch Manager)

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Branch Manager in Farmington Hills, MI
    Current Employee - Branch Manager in Farmington Hills, MI
    Doesn't Recommend
    Negative Outlook

    I have been working at Flagstar Bank full-time (More than 3 years)

    Pros

    The only pro is that fact they have health insurance for their employees.

    Cons

    Working at Flagstar was the worse decision in my life!! They micromanage everyone even the Managers who are meeting their goals. They spend over three hours per week on conference calls of which every discussion is based on what you are doing wrong!!! It is counterproductive and draining. Limited staffing is in the branches and they want the managers to go on business calls but how can they if they are running transactions? If you do not speak the same verbiage as the Market Manager or beat to his drum then you will be targeted for termination. Overall, they are adding more people to the upper management team while removing people from the branches. I can honestly say that it is the worse bank to work for in Michigan!! Lastly, micromanagement to the ultimate level is the fact that they record every conference call so that the market manager can listen to ensure we are using his verbiage. WOW!!! I am looking for a new job because I have to get out of that toxic bank

    Advice to Management

    The senior management should come to the branches and observe the stress level of the staff. They should focus on providing the team with the proper tools and resources so that they can be successful in their position. In addition, limit the number of weekly conference calls and take control of the out of control Micromanaging Market Manager.



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