washington mutual

JP Morgan cuts more than 9,200 jobs at the former Washington Mutual, which it took over this autumn.

JPMorgan Chase said Monday it plans to lay off 9,200 employees at Washington Mutual, the failed savings and loan that the New York City-based banking giant bought in September.

Washington Mutual announced Thursday it will eliminate 1,600 jobs in the San Francisco area, a company spokesman said.

Investors who wagered that Washington Mutual would mange to survive the latest market turmoil may not have to pay as dearly as some had feared.

JPMorgan Chase reported a surprise quarterly profit Wednesday, even as the company took a hit related to its purchase of failed savings and loan Washington Mutual and warned of earnings pressure in the months ahead.

When Microsoft filed a “notice of appearance” in the Washington Mutual bankruptcy proceedings - which is basically a request to be kept updated on developments of the case - and then initially declined to comment about its interest in the case, the speculation began.

The next bank the government is focused on is Wachovia. A rescue would come on the heels of last week's government takeover of Washington Mutual.

The country's biggest saving and loans was sold to JPMorgan Chase.

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The federal government seized Washington Mutual Thursday. The assets of the nation's largest savings and loan were sold to J.P.

Morgan Chase for nearly $2 billion. The deal averts taxpayers receiving a bill for the rescue of another failing institution.

NPR's Jim Zarroli talks with Linda Wertheimer about the largest federal bank failure in U.S. history.

The mortgage lender Washington Mutual becomes the biggest US bank to fail and is sold to JPMorgan.

Washington Mutual, the nation's largest savings and loan, is up for sale. But would-be buyers seem to be taking a wait-and-see attitude toward the heavily indebted institution.

The Bush administration's rescue plan for Wall Street could help it land a buyer.

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