JP Morgan: WaMu buyout will lead to 12,000 layoffs

[Pale Blue Dot]

Source: KCBY

NEW YORK (AP) - JPMorgan Chase and Co. said today that it will eliminate about 12,000 jobs as it folds in the operations of recently acquired Washington Mutual.

The New York-based bank said it expect to save about $1.35 billion from the cuts.

JPMorgan acquired the assets of Seattle-based Washington Mutual, the largest bank ever to fail in US history, at the end of September.

It was not announced where the cuts will be made. Washington Mutual has a major presence in Oregon.

Read more: http://www.kcby.com/news/business/40357862.html

[CatholicEdHead]

1. This was expected

Duplication of services, etc...

[Kittycat]

2. Well, it's a good thing Chase just opened a new bank up the street - now...

They just need to close the WaMu just around the corner from them :crazy:

[maxsolomon]

3. there's going to be some empty skyscrapers in downtown seattle