JPMorgan cutting 9,200 jobs at Washington Mutual

[marmar]

AP, via Yahoo!:



JPMorgan cutting 9,200 jobs at Washington Mutual
By STEPHEN BERNARD, AP Business Writer


NEW YORK – JPMorgan Chase & Co. said Monday it will cut a total of 9,200 jobs at Washington Mutual, which it acquired Sept. 25 after Washington Mutual became the nation's largest bank to fail amid the ongoing credit crisis.

Of the 9,200 jobs being eliminated as JPMorgan integrates Washington Mutual, 4,000 will be cut by the end of January, a JPMorgan spokesman said. The remaining 5,200 employees will remain with JPMorgan through a transition period, but will lose their positions by the end of 2009.

Those 5,200 employees who stay on as transition workers will receive double their salary retroactive to Oct. 1 until their last day on the job, and be entitled to severance packages, the spokesman said.

Washington Mutual had between 41,500 and 42,000 employees nationwide when JPMorgan took over the bank at the end of September. .......(more)

The complete piece is at: http://news.yahoo.com/s/ap/20081202/ap_on_bi_ge/jpmorgan_job_cuts

[bluesmail]

1. Goodbye America.