---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-239705"
form_type: "8-K"
ticker: "FLG"
cik: "0000910073"
company_name: "FLAGSTAR BANK, NATIONAL ASSOCIATION"
filed_at: "2024-10-18T23:59:59+00:00"
generated_at: "2026-05-30T12:58:27.099889+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Flagstar Bank (NYCB subsidiary) cuts 8% of workforce (~700 jobs); expects $20M charges in Q4 2024

## Summary
- ~700 employees (8% of workforce) cut; expects $20M one-time cash charges for severance, mostly in Q4 2024.
- Reduction part of transformation strategy to integrate three legacy banks and reduce operating expenses.
- Anticipates sale of Mortgage Servicing & TPO business to Mr. Cooper in Q4 2024; ~1,200 employees to transfer.
- Chairman Otting says right-sizing after bringing three banks together; no impact on service progress.

## SEC filing metadata
- accession: 0001193125-24-239705
- form_type: 8-K
- ticker: FLG
- cik: 0000910073
- company_name: FLAGSTAR BANK, NATIONAL ASSOCIATION
- filed_at: 2024-10-18T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.05, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/910073/000119312524239705/0001193125-24-239705-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/910073/000119312524239705/d608954d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-239705
- JSON: https://secwatch.observer/filing/0001193125-24-239705.json
- Plain text: https://secwatch.observer/filing/0001193125-24-239705.txt

## Key facts
- Restructurings & Charges
  FLAGSTAR BANK, NATIONAL ASSOCIATION announced a restructuring with charges of approximately $20 million (approximately 8% of our employees).
  - Type: restructuring
  - Charge: approximately $20 million
  - Headcount: approximately 8% of our employees
  source text: On October 17, 2024, Flagstar Bank, National Association, a wholly-owned subsidiary of New York Community Bancorp, Inc. (the “Company”), announced a reduction in force involving approximately 8% of our employees. This decision was based on cost-reduction initiatives intended to reduce operating expenses. The Company currently estimates that it will incur one-time cash charges of approximately $20 million in connection with the reduction in force, primarily consisting of notice period and severance payments, and related costs.
  evidence_url: https://www.sec.gov/Archives/edgar/data/910073/000119312524239705/0001193125-24-239705-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.