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JPMorgan To Slash 9,200 WaMu Jobs
Many of the job cutswill unfold Washington Mutual's home city of Seattle.
December 2, 2008
JPMorgan is poised to slash some 9,200 jobs from recently acquired Washington Mutual, sources confirmed. Nearly half of the employees will lose their jobs by the end of January, while the remaining 5,200 professionals are in "transition roles" and will remain with the bank through different times in 2009, during which time they will be paid twice their normal salaries.
Employees were notified of their job status on Monday.
Many of the job cuts will occur in Washington Mutual's corporate headquarters in Seattle, while about 1,600 layoffs will unfold in San Francisco. JPMorgan will also be "consolidating branches," sources confirm, however details remain sketchy. In September, JPMorgan acquired the majority of Washington Mutual’s assets from regulators amid the failure of the Seattle-based bank due to the collapse of the credit markets coupled with the bank’s exposure to the mortgage industry.
Prior to the most recent layoffs, Washington Mutual employed about 42,000 professionals.
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