Flagstar Bancorp

  www.flagstar.com
  www.flagstar.com
There are newer employer reviews for Flagstar Bancorp

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

140 Other Employee Reviews for Flagstar Bancorp (View Most Recent)

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  1.  

    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
  2.  

    Not a great place to work as they claim to be.

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

    I worked at Flagstar Bancorp

    Pros

    People
    Time off
    Loyal Employees
    Hard working Employees

    Cons

    Pay
    Not promoting people, hard to move to a different department

    Advice to ManagementAdvice

    Treat employees well and with respect. Management not fair most of the time to employees.

    Doesn't Recommend
    Disapproves of CEO
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