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

Tools

By Associated Press

Story Published: Feb 26, 2009 at 11:06 AM PDT

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.

 

(Copyright 2009 by The Associated Press. All Rights Reserved.)

Current Weather

Icon
Current Temp 57.0 °F
Fair and Breezy
Video
More Weather

Upload directly from your mobile device.

Learn how

YouNews

This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.

On Demand

Resources and info you need to prepare for the switch to DTV.

Stay Connected

POLL: Pot-bellied pigs - pets, or prohibited?

Should pot-bellied pigs be allowed as pets in cities?

  • Yes, they are pets
  • No, they are livestock
  • Undecided
  • Who cares?