Two months after acquiring Washington Mutual Inc., JPMorgan Chase & Co. announced yesterday that it will slash 9,200 jobs from the Seattle-based bank that succumbed to the credit crunch.
New York-based JPMorgan Chase will cut 4,000 WaMu positions by the end of January, and the remaining 5,200 employees will stay on as transition workers and leave their jobs over the course of 2009, according to a JPMorgan Chase spokeswoman.
The WaMu employees who remain as transition workers will be eligible to receive double their salary retroactive to Oct. 1 until their last day on the job and be entitled to severance packages.
The job cuts represent around 20% of WaMu’s work force when the bank was bought in late September for $1.9 billion and are all non-branch positions, the spokeswoman said.
When JPMorgan Chase announced the acquisition Sept. 25, WaMu’s shares had dropped by $11.07, or 87% year-to-date, due to incurring billions in mortgage-related losses from the nation’s housing crisis (InvestmentNews, Sept. 25).
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