JPMorgan Chase to cut 9,200 WaMu jobs

The New York City-based bank, which acquired the collapsed bank, is eliminating more than 20% of WaMu's work force.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Catherine Clifford, CNNMoney.com staff writer

jpmorgan.mkw.gif

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 due to bad bets on mortgages, resulting in the largest bank failure in U.S. history.

As of the end of the third quarter, JPMorgan Chase (JPM, Fortune 500) reported that Washington Mutual had nearly 42,000 employees. So the 9,200 job cuts represent more than 20% of WaMu's headcount at the time that it failed.

JPMorgan will slash 3,400 WaMu employees in Seattle, according to JPMorgan Chase spokeswoman Christine Holevas. That comes on top of the 1,600 job cuts in Pleasanton and San Francisco, CA, which the company announced last week.

The remaining 4,200 WaMu positions will come from offices nationwide, Holevas said. She added that most branch workers will keep their jobs since the layoffs are mostly at the corporate level.

CNN's Jennifer Rizzo contributed to this report.  To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Graffiti about crisis fills Athens' streets Artists are taking to the streets to express their views on the Greek crisis. More
My whirlwind 24 hours in Taiwan as a bridal supermodel Unlike the West, Taiwanese brides-to-be sit for hun sha ?? photo sessions before their actual wedding day. The photos are seen as a status symbol as well as a way to capture the brides' youth and glamor. More
8 startups that'll make your travel experience so much better Here are the new travel apps and services that will make trips easier, less time-consuming, and more fun for the every day business traveler. More
Sponsors