Flagstar Bancorp Reviews

Pros

ability to move up, do work as a teller and personal banker, provided two weeks of training (though it didn't seem like enough when I actually got to work. Provided a mentor for your first few weeks. (could have been better if the person was much more friendlier and willing to work)

Cons

Much lower pay than my old job as a teller at a bank with 3 times the amont of work, no benefits, no vacation days. Training didn't apply to real situations. Computer system was way back in time. I came from Chase Bank and they were very up on their technology, training, pay, and benefits.

Pros

It is a very employee-focused company, with many events designed to help decrease employee stress levels and to give them a reason to come to work. We had National Pancake Day, where we were greeted with pancakes, sausage and orange juice for breakfast. This company has subscribed to the "Fish Philosophy" and a "Get on the Bus" iniative and recognizes those who do a good job, sometimes even a handwritten note from one of the higer ups. It employs a majority of females, due to the industry, so it's a nice break from any male-dominated industry.

Cons

Due to the economic problems, the bank has suffered, recently selling its branches in Indiana and Georgia. There are not many options to move up in the company, (at least until the economy recovers fully) as positions have also been eliminated.

Advice to Senior Management

Don't lose that employee relationship aspect, no matter how bad things get. Make sure they all know that you are in it together, because it is so hard for tellers to relate to upper management.

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 Senior Management

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.

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 Management

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.

Pros

Make your own hours (sort of)
Great benefits

Cons

Poor compensation plan
Inept management and the company is overwrought with cronyism
Publicly traded company that is essentially worthless

Advice to Senior Management

Raise the comp plan for retail LO's or more and more will be leaving and heading to local mortgage banks (not FDIC banks).

Pros

Very high tech and cutting edge.

Cons

Sometimes a little too much technology.

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 of the time to employees.

Pros

Three weeks vacation. Very flexible schedule. Management gave time off if needed.

Cons

archaeic computer systems. Products do not compare to other banks. underpays all employees. They really need to separate tellers and personal bankers.

Advice to Senior Management

close sundays in ga. This is a bible belt state. People relax on sundays. You need tellers. The branch management without tellers will not work

Pros

Co-workers, interesting coding challenges. Flexible work time if required

Cons

Work overload. So many cutbacks and takeaways. Lower management helpless when it come to giving raises.

Pros

Good work environment and nice co-workers.

Cons

Pay is way too low.

Advice to Senior Management

Promote wisely.