19,000 WaMu Employees Will Be Synergized Out Of A Job

Trooper_IHB

Trooper_IHB

New member
Nov 30, 2008



<em>Up to 19,000 employees of Washington Mutual face being laid off this weekend as JPMorgan Chase turns up the synergy on its recent acquisition.



On Friday, JPMorgan Chase (JPM) said it expects to retain the 22,000 employees who work at Washington Mutual branches and 2,000 workers in the mortgage and wealth management divisions in California, spokesman Tom Kelly told Forbes.com. The company has not yet determined the total numbers to be cut in other states, but it planning to inform all former WaMu employees of their job status by Monday.



WaMu had about 43,000 employees as of June, according to a filing with the Securities and Exchange Commission. Combined, Chase and WaMu have about 5,400 branches. The company said it only plans to close about 10.0%.



The bulk of the job cuts will be at the <strong>Washington Mutual headquarters in Seattle</strong> due to the overlap in operations with the current employees at JPMorgan.</em>



<a href="http://globaleconomicanalysis.blogspot.com/2008/11/19000-wamu-employees-will-be-synergized.html">Link from Mish's Blog</a>
 
And further down in the article:



<em>In yet another round of massive financial layoffs, <strong>Citigroup plans to cut about 50,000 jobs.

</strong>

Combined with earlier cuts of more than 20,000 positions, the latest job cuts will equal a 20 percent reduction in the bank's workforce from peak levels reached in the fourth quarter of 2007.



In October, fellow blue chip American Express Co. (AXP) announced major layoffs, unveiling plans to slash 7,000 jobs. So far this year, Goldman has said it would cut 3,200 jobs, Whirlpool dropped the ax on 5,000, Yahoo cut 1,000 positions, and Hewlett-Packard shed 24,000 jobs.</em>
 
Adios Seattle real estate market. Hello sister blog @:



<a href="http://seattlebubble.com/blog/">http://seattlebubble.com/blog/</a>



70,000 new redundencies eh? Makes the Big 3 look like, well, kinda common.
 
LOL No_Vas....I took a peak at that minimalist blog....and found this pic dated <strong>August 10, 2006</strong>. Someone deserves an enema.....



<img src="http://seattlebubble.com/blog/wp-content/uploads/2008/11/never-cost-less.jpg" alt="" />
 
"...2,000 workers in the mortgage and wealth management divisions in California..."



How would you like to have that on your resume: "I worked for the 'wealth management' division at Washington Mutual"



Interviewer - "Great! Out of curiosity, before that, were you a dike inspector for New Orleans?"
 
I worry about my job.... We're going through RIF'S... what funny is this one company that hired me... TWICE and laid me off twice.... wants me back.... Humm, let me think about that. I'm asking for 175k salary. Which for a real deal engineer, is ALOT of money.



-bix
 
[quote author="Major Schadenfreude" date=1228143683]What is an RIF? Also, what type of engineering do you do?</blockquote>


Reduction In Force.



My wife is the kind of engineer that makes targets. Bix is the sort of engineer that makes stuff to take out targets.
 
[quote author="Astute Observer" date=1228178278]I make stuffs that take out the stuffs that take out the targets.;)</blockquote>


[off topic]

It all depends, I've been on both sides fo the fence. I've worked at two missile factories, several nuke factories, several airplane factories.... My only claim to fame is that I have a TS-SSBI, SCI and a few others. So I get stuck with all these wonderful little projects that I can't talk about. While the funding is there, the work is great. When its gone, i'm usually out of a job.



My last study project I can talk about, it was a mass driver project and it was another study called "Rods from God". Essentially a Tungsten Carbine rod (telephone size) comeing in about Mach 10-15. Of course you would have to bundle them to gain any sort of effect....



Mass driver would take an asteroid from near orbit and power it into the plant. Sufficive to say, it holds ALOT of energy. Even something the size of a referigerator would hold HUGE amounts of energy because its going about 35,000 miles and hour. The meteor would be someting like the size of a small house but produce effects in the megaton scale. If it was an icy object it would produce a bigger blast and smaller crater, if iron, it would be the opposite (more of a ground penetrator weapon).

[/off topic]



Anyways I hope things go better, its no fun to be out of work during the holidays.

-bix
 
[quote author="no_vaseline" date=1228145063][quote author="Major Schadenfreude" date=1228143683]What is an RIF? Also, what type of engineering do you do?</blockquote>


Reduction In Force.</blockquote>


RIF (reduction in force) is/was made popular as a term by its use in government.



For us in the HR field, we use fancier terms for the same thing such as downsizing, rightsizing, smartsizing, or workforce optimization. I've been calling our recent layoffs a downsizing...
 
[quote author="biscuitninja" date=1228143155]I worry about my job.... We're going through RIF'S... what funny is this one company that hired me... TWICE and laid me off twice.... wants me back.... Humm, let me think about that. I'm asking for 175k salary. Which for a real deal engineer, is ALOT of money.



-bix</blockquote>


Are you sure you aren't quoting one of my posts? I was laid off twice by the same company, and might end up hired by a third division of the same firm. However, this is getting tiring.
 
[quote author="MalibuRenter" date=1228203563][quote author="biscuitninja" date=1228143155]I worry about my job.... We're going through RIF'S... what funny is this one company that hired me... TWICE and laid me off twice.... wants me back.... Humm, let me think about that. I'm asking for 175k salary. Which for a real deal engineer, is ALOT of money.



-bix</blockquote>


Are you sure you aren't quoting one of my posts? I was laid off twice by the same company, and might end up hired by a third division of the same firm. However, this is getting tiring.</blockquote>


Nope! I've been going round and round with this company. I've mentioned it before.... It is tiring, the left hand doesn't know what the right hand is doing. Anyways good luck

-bix
 
[quote author="biscuitninja" date=1228205810][quote author="MalibuRenter" date=1228203563][quote author="biscuitninja" date=1228143155]I worry about my job.... We're going through RIF'S... what funny is this one company that hired me... TWICE and laid me off twice.... wants me back.... Humm, let me think about that. I'm asking for 175k salary. Which for a real deal engineer, is ALOT of money.



-bix</blockquote>


Are you sure you aren't quoting one of my posts? I was laid off twice by the same company, and might end up hired by a third division of the same firm. However, this is getting tiring.</blockquote>


Nope! I've been going round and round with this company. I've mentioned it before.... It is tiring, the left hand doesn't know what the right hand is doing. Anyways good luck

-bix</blockquote>


And your company isn't even in finance? Imagine that. Did you get severance each time? One of the things that really surprised me was how long it takes for a company to actually start saving cashflow. The company pays severance for a while, or some other form of termination benefits. Some other companies will be paying out unemployment. In my industry, people often get a year end bonus from the company which just laid them off . Usually, the vacated office space stays empty and the lease isn't up soon. In many cases, customers are lost and the revenue decreases too.



At least in finance, I can't figure out why more firms don't just reduce bonuses and dividends. Those consume a lot of cash.
 
[quote author="MalibuRenter" date=1228206390][quote author="biscuitninja" date=1228205810][quote author="MalibuRenter" date=1228203563][quote author="biscuitninja" date=1228143155]I worry about my job.... We're going through RIF'S... what funny is this one company that hired me... TWICE and laid me off twice.... wants me back.... Humm, let me think about that. I'm asking for 175k salary. Which for a real deal engineer, is ALOT of money.



-bix</blockquote>


Are you sure you aren't quoting one of my posts? I was laid off twice by the same company, and might end up hired by a third division of the same firm. However, this is getting tiring.</blockquote>


Nope! I've been going round and round with this company. I've mentioned it before.... It is tiring, the left hand doesn't know what the right hand is doing. Anyways good luck

-bix</blockquote>


And your company isn't even in finance? Imagine that. Did you get severance each time? One of the things that really surprised me was how long it takes for a company to actually start saving cashflow. The company pays severance for a while, or some other form of termination benefits. Some other companies will be paying out unemployment. In my industry, people often get a year end bonus from the company which just laid them off . Usually, the vacated office space stays empty and the lease isn't up soon. In many cases, customers are lost and the revenue decreases too.



At least in finance, I can't figure out why more firms don't just reduce bonuses and dividends. Those consume a lot of cash.</blockquote>


Daedulus and I have talked about this before.... It is an engineering company.



They are currently running out of qualified people with security clearances Top Secret (TS), SSBI (Single Scope Background Investigations), SCI (Sensative Compartmentalized Information), SAR (Special Access Required, SAP (Special Access Program), Crypto (Cryptography), SIGINT (Communication intellegence), Q clearance (Similar to TS in DOE - Department of Energy). There are many others out there, but usually SSBI's and TS'es are in short supply nowadays.



We won't even go into how many of the older, wizened and jsut outright SMART engineers are LEAVING the industry because of the retarded managment. Dilbert is NOT a cartoon, there is a HUGE amount of truth to it, it IS scary.



Just as anectdotal evidence, our company is going thru layoffs. The two guys they gave tremendously bad reviews where older gentlement who could and do design entire systems BY THEMSELVES. They are old and cantankerous, but they have the knowledge to outright design, analyze, build our products from MEMORY.



Anyways, i'm not so bitter that I can't profit from our retarded bosses....

good luck

-bix
 
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