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>
<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>