Flagstar Bancorp

www.flagstar.com

Flagstar Bancorp Reviews

Updated 15 January 2015
Updated 15 January 2015
143 Reviews
2.4
143 Reviews
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Flagstar Bancorp President & CEO Alessandro P. DiNello
Alessandro P. DiNello
48 Ratings

Review Highlights

Pros
  • Some good people who mean well, but quality leadership is sorely lacking (in 7 reviews)

  • Competitive pay, normal hours, good benefits, good PTO, opportunity to move up (in 5 reviews)


Cons
  • And often changes in upper management in the last 3 or 4 years (in 7 reviews)

  • Flagstar has little room for advancement (in 4 reviews)

More Highlights

38 Employee Reviews Back to all reviews

Sort: Popular Rating Date
  1.  

    Rocky Ride

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Flagstar Bancorp

    Pros

    The company has benefits including healthcare, vision, dental, and life insurance.

    The company observes 11 holidays with pay, and now offers one paid community involvement day to participate in volunteer activities the company supports.

    The work environment is such that folks do work hard to solve problems and accomplish objectives at the individual level, department level, and organizational level.

    Cons

    The leadership turnover is crazy, which produces a whiplash affect on the employment base due to new directions, new processes, and new ideas of how they want things done.

    The out of pocket costs for premiums, co-pays, and co-insurnace are higher here compared to other employers I've worked for at the same level of coverage. This could be due to higher costs of healthcare overall, and/or due to the financial stability of the company.

    The payscales are published which show huge six-figure salaries, but good luck in ever really getting ahead via promotion or via substantive merit increases.

    The full time employee headcount is fixed which means new positions which could pay more cannot be created to allow promotions within, and the promotion opportunities that do exist are most often filled from the outside.

    The company lacks a 360 performance review of management to allow feedback on how they are performing, so your boss can get away with behavior that her/his boss doesn't even know about.

    Despite huge layoffs leaving only the best employees, the company has decided to make those who remain feel even worse about their individual performance by limiting the % of people who can get "outstanding" and "above average" performance ratings, and wants most everyone to be in the "meets" performance goals rating to pay little to nothing for our contributions.

    Advice to ManagementAdvice

    Communicate more often about the direction of the company, our progress and challenges to overcome.

    Improve compensation for non-commissioned staff. People work for money - just like you. The more you pay, the more we want to work hard to get ahead too.

    Increase the paid time off. The amount of PTO is low.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2.  

    Business Client Service

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Business Client Service in Troy, MI (US)
    Former Employee - Business Client Service in Troy, MI (US)

    I worked at Flagstar Bancorp

    Pros

    Paycheck every two week
    37.5 work week (pro and con)

    Cons

    Hours changed weekly
    No incentive programs
    No OT
    Progression to other departments nonexistent

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3.  

    Abusive Environment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Flagstar Bancorp

    Pros

    I loved what I was doing and my customers but I had to quit because it was way too stressful working for a manager who was abusive towards employees in Orion. Many quit before and after I did and she is still there? This is the problem at Flagstar.

    Cons

    Terrible hours at branches. Dangerous environment. Locking a person in a branch by them selves after everyone had left for the day so they can run the drive thru a little longer and exit building by themselves!

    Advice to ManagementAdvice

    Don't leave people in positions because they are hitting their goals where employees are constantly leaving a location because of them. This is brining the company down. Don't value goals over good employees.

    Doesn't Recommend
    Approves of CEO
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  5. 1 person found this helpful  

    Stressful place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Data Security in Troy, MI (US)
    Former Employee - Data Security in Troy, MI (US)

    I worked at Flagstar Bancorp

    Pros

    Could work from home to avoid the physical contact from the boss throwing things at you. Work not that difficult.

    Cons

    Management is poor. Abusive. Management didnt allow having time off after a child or a loss of a child. HR doesn't want to deal with the issues. I've had a manager throw things, call people names, and then cry in meeting. Even if for short term, I would not recommend this place.

    Advice to ManagementAdvice

    Listen to your employees. A survey doesn't do a thing if changes are not made....didn't have to be painful or fearful to be at work and with nobody to help with the abuse. All you did was give her was another permotion; making her belive what she did was okay. She should have been walked out. I'm sure the people that really want to make the positive changes are not working with the right people to know what's really wrong. People are afraid to say something.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  6.  

    Great commisions

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Financial Service Representative in Troy, MI (US)
    Current Employee - Senior Financial Service Representative in Troy, MI (US)

    I have been working at Flagstar Bancorp full-time

    Pros

    the leadership is hands on and constanlty expressing concerns as well as expectations

    Cons

    the leadership is counter productively involved.

    Advice to ManagementAdvice

    appreciate your employees

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 1 person found this helpful  

    Worst place to work for

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Project Manager in Troy, MI (US)
    Former Employee - Project Manager in Troy, MI (US)

    I worked at Flagstar Bancorp full-time (more than an year)

    Pros

    The commute wasn't bad at all

    Cons

    Everything; but especially senior management!

    Advice to ManagementAdvice

    Listen to your employees.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    Underwriter

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Flagstar Bancorp

    Pros

    Nice supervisors and regional managers

    Cons

    Upper management give very poor career advise and are ungrateful.

  9.  

    A mishmash of slop

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous in Troy, MI (US)
    Former Employee - Anonymous in Troy, MI (US)

    I worked at Flagstar Bancorp full-time (more than an year)

    Pros

    Some good people who mean well, but quality leadership is sorely lacking.
    Good pay

    Cons

    Takes forever to get approval for anything. Also, most people are so siloed that working between groups to accomplish anything was a nightmare. Also, the "old way" vs the "new way" was a constant struggle. Constantly changing executive team also leads to lack of sirection.

    Advice to ManagementAdvice

    Listen to employees. You have a lot of talented people, but have a need to ignore them and hire consultants for everything.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  10. 2 people found this helpful  

    Management lied consistently, too many layers of VP's. Title does not correspond with job ability at this bank.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Trainer in Troy, MI (US)
    Former Employee - Senior Trainer in Troy, MI (US)

    I worked at Flagstar Bancorp full-time (more than 3 years)

    Pros

    A paycheck is about it.

    Cons

    Managers misled their own employees. Bank can't attract and keep top talent is not willing to pay for good talent. HR department is poorly run and consistently lied to employees. Too many CEO changes within last year which indicates poor executive leadership.

    Advice to ManagementAdvice

    The problem is they didn't listen to anyone while I was there and caused more fires than were needed.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 2 people found this helpful  

    Company does not have a clue where it's going and how it's going to get there.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Branch Management - Assistant Vice President in Grand Rapids, MI (US)
    Former Employee - Branch Management - Assistant Vice President in Grand Rapids, MI (US)

    I worked at Flagstar Bancorp full-time (more than 8 years)

    Pros

    Flagstar bank has some extremely loyal employees who love what they do and wants this company to succeed.

    Cons

    The retail banking side of Flagstar is very unfocused. Weekly, if not daily focus is changed on a dime with no thought on how this affects the customer and it's own employees. Market managers are unwilling to listen to their own employees as to what the front line is hearing from it's customer base and when things are brought to middle managements attention it is just ignored. Market Managers use fear as a motivation, although this may work in the short term it will ultimately come back to haunt you in the end.

    Advice to ManagementAdvice

    Flagstar Bank used to be a place where the "open door policy" was actually that. Start listening to the people on the front lines and pay attention to how your Market Managers are treating your branch managers and front line employees. Sandro, you are a fantastic leader but have lost focus on the retail banking side. Look closely at who you have running that part of the ship, you may be surprised at what you find out. Lastly, bring back the good ole days when we enjoyed walking in the door every morning instead of this fear that this may be your last day of employment because of your micro managing Market Mangers with no heart or soul.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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