Schaeffer's Market Blog: J.P. Morgan Chase (JPM) Announces 3,400 WaMu Job Cuts

CINCINNATI--(BUSINESS WIRE)--While it had been reported that J.P. Morgan Chase (NYSE: JPM) was planning to lay off as much as 10% of its workforce, very little in the way of official data has hit the Street until this afternoon. Unfortunately for recently acquired Washington Mutual, the job cuts will begin with 3,400 jobs at WaMu banking operations in Seattle, according to The Seattle Post-Intelligencer. About 1,500 jobs will be cut by the end of January, with another 1,900 employees staying on in transition jobs that will be cut over 2009, the newspaper said.

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