New job cuts and closures at WaMu (another 850 jobs)

[UpInArms]

http://seattletimes.nwsource.com/html/businesstechnology/2001992613_wamu30.html

The grim news just keeps coming at Washington Mutual.

The giant Seattle-based financial institution said yesterday it would close all 53 of its commercial-banking offices nationwide, reorganize its commercial- real-estate arm and stop making loans to professional homebuilders.

About 850 workers, including more than 140 in the Seattle area and 30 or so elsewhere in Western Washington, will lose their jobs as a result, spokesman Alan Gulick said.

All of the office closures and most of the layoffs will take place within the next 90 days, he said.

Last week, in the wake of a disappointing second-quarter profit report, WaMu said it would shut 100 home-loan centers across the country, trim other operations and cut as many as 4,900 jobs.

...more...

[Tatiana]

1. But the economy is IMPROVING!

Or at least that's what they said.

Sad. So sad to see those people losing their jobs.

[GOPFighter]

2. Wanna bet...

...some high level executive in the company gets a fat bonus for successfully trimming the "Fat"?

[Cats Against Frist]

3. Seriously, does this mean

That when I get back to Seattle, there will be no more WaMu bank? I'm not exactly sure what a "commerical banking office is." I recognize the word "BANK." :)

[robcon]

4. A commercial banking office serves business clients...

e.g., loans, checking accounts, etc., for small/medium businesses.

The idea that WaMu has expanded nationally too far, too fast is conventional wisdom in the banking industry.