Flagstar Bank issues layoff notices for 424 employees in Troy
Flagstar Bank has filed a notice with State of Michigan officials that 424 employees in Metro Detroit will face layoffs.
Those involved all work at the Corporate Drive site in Troy, Oakland County. The permanent layoffs will take effect between April 22 and May 9, according to the notice filed Feb. 21 with the Michigan Labor and Economic Opportunity office.
The Worker Adjustment and Retraining Notification (WARN) Act requires companies going through mass layoffs and / or site closures to issue advance public notice to the state's labor department, should they meet certain requirements for the size of company or number of people involved.
There also were 113 layoffs from the Flagstar Troy location last fall; along with 60 laid off from the company's site in Jackson last summer.
Flagstar Bank, which is headquartered in Hicksville, N.Y., is one of the largest regional banks in ther county. In recent months, it has sold off some of its business ventures, including mortgage servicing, to other companies. Some of the former Flagstar employees were picked up by Mr. Cooper Group.