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JPMorgan Chase expect 12,000 job cuts

US banking giant JPMorgan Chase said that it expected 12,000 job cuts as part of its takeover of the failed Washington Mutual retail bank.
AFP | By HT Correspondent, Washington
UPDATED ON FEB 26, 2009 11:14 PM IST

US banking giant JPMorgan Chase said on Thursday that it expected 12,000 job cuts as part of its takeover of the failed Washington Mutual retail bank.

The figures came from a chart provided to analysts on its plans to absorb the thrift acquired last September.

JPMorgan purchased WaMu following the biggest-ever US bank failure amid deep troubles of the financial sector triggered by a home mortgage meltdown.

The Seattle-based Washington Mutual was heavily exposed to bad mortgage investments.

JPMorgan bought its deposits, assets and some liabilities for 1.9 billion dollars.

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