JPMorgan Chase axes 9,200 jobs at Washington Mutual(WaMu)

JPMorgan Chase (NYSE:JPM) the NY City banking giant will be cutting 9,200 jobs at Washington Mutual (WaMu) (OTC:WAMUQ) the announcement was made on Monday several months after they acquired the failed loans and saving bank.

Due to bad mortgage debts, WaMu the Seattle-based bank collapsed, resulting in the biggest bank failure in American history, JPMorgan Chase brought the troubled bank in September.

The job cuts at WaMu, once the largest loans and savings in the country, accounts for 20 percent of Washington Mutual’s 42,000 staff according to reports from JPMorgan Chase at the end of the third quarter.

The company also announced last week 1,600 job losses in San Francisco and Pleasanton, Christine Holevaz, Spokeswoman for JPMorgan Chase said that 3,400 WaMu staff in Seattle will also be losing their jobs.

Holevas added that most of the redundancies are at corporate level resulting in most branch employees keeping their jobs, the remaining 4,200 WaMu staff cuts will be made from offices nationwide.

Source: moneycnn