BUSINESS

JPMorgan To Cut 9,200 Washington Mutual Jobs

01/01/2009 05:12 am ET | Updated May 25, 2011

JPMorgan Chase & Co on Monday said it will eliminate about 9,200 jobs at the former Washington Mutual Inc, which on Sept 25 became the largest U.S. bank to fail.

The cuts amount to more than 21 percent of the workforce at Washington Mutual, which ended June with 43,198 employees.

Washington Mutual had been the largest U.S. savings and loan before JPMorgan bought its banking assets for $1.9 billion, in a transaction arranged by U.S. regulators. The holding company for Seattle-based Washington Mutual later filed for bankruptcy protection.

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