JPM to announce layoffs of WAMU employees.

[dkf]

JPMorgan Plans To Ax The WaMu Suits
Lisa LaMotta, 11.28.08, 05:10 PM EST
The bank plans job cuts at its new acquisition.

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 (nyse: JPM - news - people ) 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.

About 1,600 employees who work in the back-offices of the California branches have already been informed that their jobs will be cut by March.

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%.

http://www.forbes.com/markets/2008/11/28/wamu-jpmorgan-jobs-markets-equity-cx_lal_1128markets19.htmlhttp://www.forbes.com/markets/2008/11/28/wamu-jpmorgan-jobs-markets-equity-cx_lal_1128markets19.html

[silverojo]

1. This is just fucking insane

In AMERICA!! :mad:

[Common Sense Party]

2. Why is it insane? n/t

[regnaD kciN]

3. This is going to KILL Seattle...

...as virtually all of the layoffs will come from corporate up here. (Note that Chase has elected to preserve management in California, but not here.) Not only will this cost lots of Seattlites their jobs, but WaMu moving out will be a huge blow to the already-in-trouble commercial real estate market in the city, as it was downtown's largest tenant. Not to mention all the charitable and arts giving that will now be redirected from Seattle to NYC.

:-(

[dkf]

4. Hearing about all these layoffs makes me wonder how

we can possibly find employment for all these people. Its scary.

[marmar]

6. I was thinking that over the weekend.....

..... A very ugly picture is emerging.

[enid602]

5. ¨Christmas

Ït´s starting tof look a lot like Christmas. . .

[sentelle]

8. or as sung on SNL

Its beginning to be a supply-side Christmas


(I believe sung by Julia Louis-dreyfuss and joe piscapo)

[gratuitous]

7. Well, somebody's got to pay for all of management's mistakes

And it sure as hell isn't going to be management. THAT would be insane.