News Tag: Washington Mutual

December 2, 2008

JP Morgan Chase and Credit Suisse announce job losses

by Kay Murchie
The FTSE 100 in London has lost ground today after the announcement that JP Morgan Chase is to axe over 9,000 jobs at the former Washington Mutual (WaMu). WaMu was closed at the end of September making it the largest failure of a US bank. Its assets were sold to banking giant, JPMorgan Chase, for $1.9 billion (£1.3 billion). JPMorgan ...

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September 26, 2008

Washington Mutual closed by regulators

by Kay Murchie
Washington Mutual (WaMu) has been closed making it the largest failure of a US bank. WaMu’s assets have been sold to banking giant, JPMorgan Chase, for $1.9bn (£1 billion). WaMu was closed by the Federal Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corp (FDIC) has been appointed receiver. $16.7 billion of deposits had been withdrawn in the last 10 ...

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