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

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

By Associated Press

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.)

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