128 Employee Reviews (View Most Recent)

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1 person found this helpful  

Get to work with newer technology

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Software Developer  in  Troy, MI
Current Employee - Software Developer in Troy, MI

I have been working at Flagstar Bancorp

Pros

Willingness to move onto new technologies, REST SOA type approaches.
Independence and autonomy can be nice, so long as you get good work done in the end.

Cons

Management Change-Over a couple of years ago, and being owned by venture capitalist means a sale of the bank to a bigger bank is likely and the inevitable shakeup that will cause has caused a brain drain of experienced knowledgeable employees, this can be viewed as more opportunity for new people joining the organization to fill such openings.

Advice to ManagementAdvice

Try and capitalize on the unique aspects of Flagstar, make sure those unique aspects are not crushed as we try and move into other areas. The concern is we will be just like all other banks, differentiated in the marketplace. Keep up with the superior customer service.

Recommends
No opinion of CEO

Other Reviews for Flagstar Bancorp

  1. 1 person found this helpful  

    OK place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee  in  Troy, MI
    Former Employee - Anonymous Employee in Troy, MI

    I worked at Flagstar Bancorp

    Pros

    - Used to have a pretty good management trainee rotation program, but I heard it has since been discountinued.
    - Generally friendly people to work with
    - There was not a strong expectation to work more than 40 hours in my area

    Cons

    - The banking industry can be depressing to work in especially when I was there in 2008 and watched an entire department get cut
    - Some significant silos were in certain departments (from the top down)
    - Pay didn't seem that competitive, although the economy was partially at fault because I worked there 2006-2009 and salaries were frozen

    Advice to ManagementAdvice

    I was there during the worst crisis in 70 years and unfortunately Flagstar did not get through it well. The capital infusions from both TARP and Matlin Patterson diluted the shares significantly and when I left the company was in shambles. Mark Hammond is a very smart guy and appeared to be a great economist, but he really didn't see this crisis coming.

    It appears the current CEO is trying to make things better by diversifying, but I think he is going about it in the wrong way. Just because the CEO has contacts in the Northeast does not make it a good strategy since Flagstar had no existing footprint there. Taking one failed strategy at Soverign and making it a strategy at Flagstar while continuing to bleed cash seems like a very bad short term outcome for all of your shareholders. I wish FBC the best, but I have extreme doubts that any shareholder will get even half of their initial investment (MP included).

    One last point to the current CEO, stop blaming "legacy" on everything in your conference calls. You have been there for over 2 years, it is now your responsibility.

    No opinion of CEO
  2.  

    Stay away!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Retail Banking
    Current Employee - Retail Banking

    I have been working at Flagstar Bancorp

    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 ManagementAdvice

    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!

    Doesn't Recommend
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