Flagstar Bank, a subsidiary of New York Community Bank, said on Thursday that it will lay off about 1,900 employees. The US regional lender is trying to reverse its troubled business. Flagstar announced about 700 layoffs and said it will lay off another 1,200 employees after completing the sale of its mortgage services division to Mr. Cooper, a non-bank mortgage platform.

Flagstar Bank, a subsidiary of New York Community Bank, said on Thursday that it will lay off about 1,900 employees. The US regional lender is trying to reverse its troubled business. Flagstar announced about 700 layoffs and said it will lay off another 1,200 employees after completing the sale of its mortgage services division to Mr. Cooper, a non-bank mortgage platform.