Flagstar Bank
Does anyone have any insight into Flagstar Bank (NYSE: FLG)? I'm thinking about joining as a Credit Analyst while pivoting from another unrelated field. There are not many credit analyst positions in my area and this may be the only jump.
I'm just worried if I'm jumping into a sinking ship. The stock price dropped 70% over a period of a few months in January 2024. Some rumors about 10% of the employees being laid off post-merger ... negative earnings ... and bad underwriting processes ... and bad CRE exposure on the East cost.
That was a lot to write. Does anybody have the inside scoop?
Just How Bad Will Commercial Real Estate Distress Effect the Broader Economy (Jan 2024)
It looks like Flagstar Bank is essentially the result of a merger between the original Flagstar Bank and NYCB, so the current issues stem from NYCB's earlier acquisition of Signature Bank's CRE portfolio (in March 2023).
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