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Flagstar Bank announces 600 layoffs
MICHIGAN (NEWSCHANNEL 3) - Michigan's largest bank has announced its cutting 600 of its employees.
The announcement from Flagstar Bank came Thursday.
The bank says most of the layoffs are happening at its Troy headquarters.
It says 40 to 50 percent of those affected are related to the bank's mortgage business.
Layoffs in West Michigan are said to be extremely minimal.
The bank says it is providing outplacement services and anything else it can do to help ease the transition for affected workers.
Flagstar says the layoffs are part of an effort to reduce expenses.