WaMu plans new job cuts, office closures (now it's 4900 jobs!)

[UpInArms]

http://seattletimes.nwsource.com/html/businesstechnology/2001986264_wamu23.html

Stung by heavy losses in its mortgage- banking unit, Washington Mutual said yesterday it will close 100 loan centers across the country and cut as many as 4,900 jobs.

About WaMu 2,400 employees, including 122 in Western Washington, were told last quarter their jobs would be eliminated, said WaMu spokesman Adrian Rodriguez.

The loan-office closures, in areas where the giant Seattle-based thrift does not have a big branch-banking presence, will eliminate 1,840 more jobs by the end of September, Rodriguez said. No Washington offices will be affected by that round.

...more...

[rocktivity]

1. Didn't they merge recently?

:headbang:
rocknation

[UpInArms]

4. not recently, but

they did have a merger in 2001 http://phx.corporate-ir.net/phoenix.zhtml?c=101159&p=irol-newsArticle&ID=152014&highlight=

SEATTLE--(BUSINESS WIRE)--Feb. 13, 2001--

Strengthens Texas Presence; Extends National Banking and Lending Franchises

With the merger of its banking subsidiaries completed, Washington Mutual, Inc. (NYSE:WM) today announced the company has finished the final phase of its merger with Houston-based Bank United Corp.

The merger gives Washington Mutual a top-tier retail banking market share in three of the four largest metropolitan markets in the state of Texas, and extends the company's national lending platform.

"The addition of Bank United significantly expands the size and scope of our Texas presence, and brings more depth and scale to our national banking and lending franchises," said Kerry Killinger, the company's chairman, president and chief executive officer. "We're delighted to welcome the Bank United team to Washington Mutual and look forward to serving the great state of Texas with an even larger network."

...more...

Here's a good link giving lots of Washington Mutual background:

http://www.topix.net/com/wm

shows lots of their layoffs:

http://www.topix.net/redir/loc=story65/http=3A=2F=2Fsanantonio.bizjournals.com=2Fsanantonio=2Fstories=2F2003=2F12=2F08=2Fdaily16.html=3Fjst=3Db_ln_hl
Washington Mutual to eliminate 5,400 home mortgage jobs
San Antonio Business Journal - December 9, 2003 -
The Seattle-based financial services company says it already eliminated 4,500 positions ...

[54anickel]

2. Ewww, that article ends on a rather nasty note -

snip>

"Washington Mutual is not the hot knife in soft butter anymore. It's a different environment altogether, and they haven't figured that out yet," he said.

Charlotte Chamberlain, an analyst with Jefferies & Co., went even further: She said WaMu's entire top management needs to go, preferably by selling the company.

"They've made a total pig's breakfast of the past 18 months," Chamberlain said. "This whole thing has been entirely too painful and has gone on entirely too long."

[silverlib]

3. This is my favorite bank!

I have never before been overwhelmed about a bank until I started banking at Washington Mutual. I get the best customer service ever. They are big supporters of the community and education. I'd be afraid to know if they have a political leaning. I hate this!

[lastknowngood]

5. Good thing we have a booming econmy and a housing boom

BANG!!!!!!!!!

[PROUDNWLIBERAL]

6. Problem

We used to bank at Washington Mutual but got really feed up with having to sign the back of a check just after we signed the front side of the check right in front of the teller. This kind of told me that there was something wrong going on when you have and idiotic policy such as this. We closed our account.