Flagstar Bancorp
2.5 of 5 105 reviews
www.flagstar.com Troy, MI 1000 to 5000 Employees

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1 person found this helpful  

OK place to work

Anonymous Employee (Former Employee)
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 Senior ManagementI 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.

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Stay away!

Retail Banking (Current Employee)

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… Cons: Poor management Poor compensation Extemely short staff Poor attitudes Micromanagement by force of upper… Advice to Senior 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… No, I would not recommend this company to a friend More

  • Work/Life Balance
         
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  • Disapproves of CEO

 

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

Post Closing Associate (Former Employee)
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 Senior Management: Treat employees well and with respect. Management not fair most… No, I would not recommend this company to a friend More

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