JPMORGAN CUTS 9,200 AT WAMU

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

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

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

About 4,000 of the jobs will be cut by the end of January, and another 5,200 later, JPMorgan spokesman Christine Holevas said.

The 5,200 workers will receive double their annual salaries retroactive to Oct. 1, payable in a lump sum when their employment ends, Holevas said.

Seattle will bear the brunt of the cuts, with 3,400 layoffs out of a total of 4,300 Washington Mutual employees in the city, JPMorgan said.