9,200 Washington Mutual jobs cut

[OhioChick]

Source: CNN

Posted: 05:01 PM ET
By Catherine Clifford
CNNMoney.com
NEW YORK (CNNMoney.com) — JPMorgan Chase said Monday it plans to lay off 9,200 employees at Washington Mutual, the failed savings and loan that the New York City-based banking giant bought in September.

Once the largest savings and loan in the country, Seattle-based WaMu collapsed because of bad bets on mortgages, resulting in the largest bank failure in U.S. history.

At of the end of the third quarter, JPMorgan Chase reported that Washington Mutual had nearly 42,000 employees. So the 9,200 job cuts represent more than 20 percent of WaMu’s head count at the time that it failed.

JPMorgan will slash 3,400 WaMu employees in Seattle, Washington, according to JPMorgan Chase spokeswoman Christine Holevas. That comes on top of the 1,600 job cuts in Pleasanton and San Francisco, California, which the company announced last week. The remaining 4,200 cuts will come from Washington Mutual offices nationwide, Holevas said. But she added that most branch workers will keep their jobs: Most of the layoffs will be at the corporate level.



Read more: http://cnnwire.blogs.cnn.com/2008/12/01/9200-washington-mutual-jobs-cut/

[Veritas_et_Aequitas]

1. Looks like the stock market will be down tomorrow, too.

At least they waited until after it closed before dropping this bomb.

[ohio2007]

7. it dove anyway today ( inside info trading )

[bemildred]

2. "Fuck you, Jack, I've got mine!" nt

[Matariki]

3. I just closed my account there today

One I had for years. I had to go into the branch and do it face to face. They seemed dejected. I almost felt guilty.

[regnaD kciN]

5. I did the same a couple of weeks ago...

I actually set up new accounts at BECU within days of the WaMu buyout, but had to wait until various checks had cleared and direct deposits set up before closing the old accounts.

It was kind of sad, since the people at that branch had always given me good service, but I've had enough bad experiences with Chase that there was no way I was staying with them.

[DeposeTheBoyKing]

9. We closed our account a few weeks ago, also face-to-face

It was hard for me, as I'd always liked doing business with them. :cry:

[Azlady]

4. Recommend to the Greatest page and..

More job loss... I just do not know what to say anymore. :0(

[ohio2007]

6. WaMu collapsed because of bad bets on mortgages. Let them take it up the FANNIE

Congress is very biased and can't bail out everbody
:sarcasm:
Must have had a weak special interest lobby

[xchrom]

8. recommend -- sad -- more job loss. nt