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Flagstar Bancorp says it will cut 600 jobs

Flagstar Bancorp will cut 600 jobs, or 17 percent of its staff positions, in the 1st quarter

Associated Press

TROY, Mich. (AP) -- Flagstar Bancorp will eliminate about 600 jobs, or about 17 percent of all staff positions.

The company said Thursday that the cuts will be completed by the end of the first quarter for a cost savings of $40 million per year. It will take a charge of $5.2 million to process those job cuts.

The holding company for Flagstar Bank said the leaner payroll is partly a result of a decline in new mortgages, but also reflects the desire to become more cost efficient.

The company had 3,428 employees as of Sept. 30. It eliminated 171 non-commissioned salaried jobs over the previous year.

Flagstar Bancorp Inc. will report fourth-quarter results after the market closes Wednesday.

Shares fell 2 cents to $20.19 in morning trading.