Tension at WaMu as pink slips loom

Tension at WaMu as pink slips loom

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Story Published: Dec 1, 2008 at 1:39 PM PST

Story Updated: Dec 1, 2008 at 1:54 PM PST

By Associated Press

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SEATTLE (AP) - The head of JPMorgan Chase & Co. addressed Washington Mutual Inc. employees in Seattle on Monday, the deadline for layoff notices at WaMu.

A spokeswoman, Darcy Donahoe-Wilmot, says the mood was upbeat as chief executive James L. "Jamie" Dimon met with about 200 WaMu employees Monday morning. She adds that those meeting with Dimon were from retail branch operations and most are expected to keep their jobs.

Also on Dimon's agenda was a luncheon speech at the Washington Athletic Club.

JPMorgan previously announced plans for substantial cuts, as many as 3,000 employees, from WaMu's former headquarters and in other operations.

JPMorgan acquired WaMu after the bank collapsed in September, the nation's largest bank failure in history. Washington Mutual was previously the nation's largest savings and loan.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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