Michigan’s Most Popular Bank Is Firing Another 424 People

It seems like every day you hear about massive layoffs and businesses consolidating, leading to a lot of closures. In Radio, it’s no different, with another sweep of over 300 layoffs just within the past few days.

The same thing is happening in different industries as well, including banking, and recently, we found out that one of Michigan’s most popular banks is getting ready to lay off nearly 425 employees by the beginning of May.

Get our free mobile app

A notice from the Michigan Department of Labor and Economic Opportunity was filed from Flagstar Bank that indicated that the company plans to fire 424 employees from their location at Corporate Drive in Troy between the dates of April 22 and May 9.

This is just another round of firings, much like in October when the Troy location fired 113 employees and their Jackson office fired 60 employees. The Detroit Free Press explained why both locations were laying off a large amount of the workforce

The Troy layoffs were prompted by Flagstar's planned sale of its mortgage servicing business to Dallas-based Mr. Cooper, and the Jackson layoffs by the sale of its mortgage "warehouse" lending business to JP Morgan Chase.

Flagstar is one of the more well-known banks in the state, so the fact that so many people are being fired in such a short amount of time seems suspicious and, I can only imagine, incredibly stressful to the ones who will be impacted by this.

As of now, there is no comment that has come from Flagstar Bank regarding the increased firings.