JPMorgan (JPM) to Eliminate 9,200 Jobs from WaMu Workforce
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According to a Reuters report late last night, JPMorgan (NYSE: JPM) said it expects to eliminate about 9,200 jobs at the former Washington Mutual, which JPMorgan agreed to acquire on September 25 when WaMu became the largest US bank to fail.
With about 43,198 employees at the end of June, the JPMorgan reductions will make up more than 21% of WaMu's total workforce. Citing a JPMorgan spokesperson in the article, the bank sees about 4,000 of the jobs to be cut by the end of next month, with the remaining 5,200 at a later date. Further, the final 5,200 workers who are eliminated will receive double their annual salaries retroactive to October 1. The spokesperson also noted that about 3,400 jobs will be eliminated from the Seattle area, about 1,600 from the San Francisco area, and the remaining 4,200 elsewhere in the country.
Following yesterday's sharp 17% sell-off in shares of JPMorgan, the stock is slightly rebounding this morning, currently trading about 2% higher to $26.64.
JPMorgan Chase & Co., a financial holding company, provides a range of financial services worldwide.
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