LayoffBlog.com

February 26, 2009

JP Morgan to trim 12,000 from WaMu headcount

According to MarketWatch: “The head of J.P. Morgan Chase‘s (JPM) retail banking operations said Thursday that the firm plans to trim 12,000 jobs from the headcount of Washington Mutual employees.”

Update (2-26-2009): Updated California WARN listing for J.P. Morgan (PDF document), Jul – Dec 2009 layoffs schedule

Update 2 (2-27-2009): JPMorgan Chase & Co. told investors Thursday that it will cut 14,000 jobs, up from a previously announced 9,200 in December, according to Dayton Business Journal

JPMorgan to cut 12,000 jobs

JPMorgan Chase & Co. said Thursday it will eliminate about 12,000 jobs as it folds in the operations of Washington Mutual Inc.

Chief Executive Jamie Dimon said the cut was a precautionary move to ensure that the company has financial flexibility should economic conditions worsen. The move will save the company about $5 billion per year.

Dimon said he is not predicting, but is ready for: A recession lasting two years, a U.S. unemployment rate above 10 percent, and a 40 percent peak-to-trough decline in home prices.

Source: AP

December 2, 2008

JPMorgan Chase to cut 250 jobs in Jacksonville, FL

According to Jacksonville Business Journal:”About 250 Jacksonville jobs from JPMorgan Chase and Washington Mutual Inc. will be eliminated as a result of JPMorgan’s acquisition of Washington Mutual in September.

About 2,500 employees will continue to work at the combined mortgage banking operations, said JPMorgan Chase spokeswoman Nancy Norris. JBMorgan Chase announced Monday the elimination of about 9,000 Washington Mutual positions across the country as it consolidates operations following the takeover of the failing mortgage lender.”

December 1, 2008

JPMorgan Chase to cut 9,200 WaMu jobs

According to CNN: “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.

Once the largest savings and loan in the country, Seattle-based WaMu collapsed due to bad bets on mortgages, resulting in the largest bank failure in U.S. history.”

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