FDIC banks 3Q income down 94 percent Nov 26, 2008
One of them was Washington Mutual Bank, with assets of $307 billion. In addition to the failed banks, the FDIC s problem list grew from 117 to 171 institutions in the third quarter. (Pacific Business News, HI)
Watch the H-E-B Holiday Parade live Nov 26, 2008
In later years, Bank United and Washington Mutual each claimed the title sponsorship. In 2006, H-E-B was named the new title sponsor of the parade. (KHOU.com, TX)
More US banks on problem list as profits slump 94% Nov 26, 2008
The two biggest bank failures over the past year, Washington Mutual Inc and IndyMac Bancorp, had not been on the FDIC's list of troubled banks. Wachovia Corp, which nearly failed before it got bought by Wells Fargo in October, had not been on the list, either. (Sydney Morning Herald -- Business)
Profits plummet for FDIC-insured banks Nov 26, 2008
California s Washington Mutual Bank was on the roster of bank failures in the latest quarter. The FDIC s problem list snowballed to 171 banks, from 117 banks in the second quarter. (Birmingham Business Journal, AL)
FDIC: 171 banks on 'problem' list Nov 26, 2008
Nine banks failed in the third-quarter alone, including savings and loan giant Washington Mutual, the largest bank failure in history. Phoenix Business Journal. (San Jose Business Journal, CA)
Small firms luring large clients Nov 25, 2008
The list includes Bank of America Corp., Washington Mutual Inc., JP Morgan Chase & Co., Wells Fargo & Co., Wachovia Corp., Nissan Motor Acceptance Corp., Toyota Motor Credit Corp., GMAC LLC and Countrywide Financial Corp.. When you look at that market now, you see more firms like ours representing those companies than Wall Street firms, Mohrman says. (Houston Business Journal, TX)
Five Questions (And Answers) About Citi's Bailout Nov 25, 2008
When Washington Mutual, which had a balance sheet less than a third of the size of Citi, went down, the FDIC immediately flipped the company to JP Morgan. But marrying off Citi was not a viable option. (Time.com)
CA-BUSINESS Summary Nov 25, 2008
The bailout, announced late Sunday, gives the government the right to buy an equity stake, and marks its latest effort to contain a widening financial crisis that has already brought down Bear Stearns Cos, Lehman Brothers Holdings Inc and Washington Mutual Inc. China growth seen slowing. (ReportonBusiness.com)
Committee Continues Examination of Role of Credit Derivatives in the U.S. Economy (6) Nov 24, 2008
American International Group (AIG), Lehman Brothers, Bear Stearns, and Washington Mutual, among others. Comments. (Minnesota Farm Guide, MN)
U.S. rescues Citi with $20 billion capital Nov 24, 2008
Citigroup's rescue marks the latest government effort to contain a widening financial meltdown that has caused the disappearance or bankruptcies of companies including Bear Stearns Cos, Lehman Brothers Holdings Inc and Washington Mutual Inc.. The government's 20 billion of new capital comes on top of 25 billion it had put into the second-largest U.S. bank by assets, and it will receive preferred shares with an 8 percent dividend in return. (Yahoo News -- Top Stories)
Stock futures rise on Citi rescue Nov 24, 2008
Citigroup's rescue marks the latest government effort to contain a widening financial meltdown that has caused the disappearance or bankruptcies of companies including Bear Stearns, Lehman Brothers Holdings and Washington Mutual. In addition to the new capital, Washington effectively guaranteed most of Citi's 306 billion losses on high-risk assets. (Yahoo News -- Top Stories)
Hawaii banks profitable in shaky market Nov 24, 2008
HONOLULU - Take a quick stroll among the palm trees and commercial towers in Honolulu's financial district and names like Washington Mutual, Bank of America and Wachovia are nowhere to be found ... Some of the biggest and most powerful banking companies in the country - with names such as Washington Mutual, Wachovia and National City - have disappeared, swallowed by larger companies in an effort to avoid a total collapse. (AZCentral -- Business)
No respite for Citigroup Nov 24, 2008
But the bank's avoidance of financial hocus-pocus left it with fewer assets to write down, and sufficient capital to acquire Bear Stearns and Washington Mutual as the crisis laid them low. That's not only helped its stock - JPMorgan's market cap is now three times larger than Citigroup's - it has helped win business. (International Herald Tribune -- Money Report)
Rockland Trust has 'healthy' expectations Nov 23, 2008
First, this is a healthy bank acquiring a healthy bank, this is different than some of the deals you're hearing about these days like the purchase of Washington Mutual. But there will probably be some redundant departments. (Boston Globe)
Is the Economy Stressing You Out? Nov 23, 2008
In the trade group's annual survey conducted between April and September -- about the time the feds seized control of Freddie Mac, Fannie Mae, and Washington Mutual (which was later sold to JPMorgan Chase), and gave AIG $85 billion for 80% of its stock -- more than half of 7,000 respondents said they're worried about job security and their ability to provide basic needs for their family. 53% reported losing sleep. (Fox News)
You and the Law/Do you have a claim against your financial adviser Nov 23, 2008
"In January this year (2008) we met with our stockbroker, concerning about the economy and the safety of our investments. Most of what we were sold proved to be the worst imaginable, including Washington Mutual, Wachovia, Lehman Brothers, Indy Mac Bank and other financial institutions who have gone out of business, and I should not forget Freddie or Fannie. From a retirement nest egg of over a million dollars -- built over 25 years -- we have something like 200,000 remaining, in bank C.D.'s.... (Hanford Sentinal, CA)
Regulator failed to rein in banks' high-risk lending Nov 23, 2008
This year, the government has seized three of the largest institutions regulated by OTS, including IndyMac Bancorp, Washington Mutual and on Friday evening, Downey Savings and Loan Association. The total assets of the OTS thrifts to fail this year: $355. (AZCentral -- News)
Rescue The $700 Billion Bailout Nov 22, 2008
In a matter of days in late September, Lehman Brothers and Washington Mutual had failed, while AIG had gone on government life support. The credit markets dried up. (CBS News)
Downey Seized, Sold to US Bancorp as Mortgages Fail (Update1) Nov 22, 2008
The collapses of Washington Mutual Inc. and IndyMac Bancorp Inc. were among the biggest in history ... Washington Mutual became the biggest U.S. bank to fail on Sept. 25, when regulators sold the Seattle-based lenders deposits to Wachovia agreed in October to be bought by Wells Fargo & Co.. (Bloomberg)
WaMu Seattle layoffs loom for hundreds Nov 22, 2008
Hundreds of Washington Mutual employees in Seattle have been notified over the last couple of days that they will be laid off from the company, with termination dates that vary from a couple of months to nearly a year away ... JPMorgan Chase bought Washington Mutual bank in late September after it was seized by federal regulators following a run on the bank. (Puget Sound Business Journal, WA)
Pressure on Citigroup Builds, Shares Fall Below $4 Nov 22, 2008
The government was instrumental in JPMorgan Chase buyout of Bear Stearns and Washington Mutual Inc., deals that left shareholders with little or no payouts. The Treasury Department, the Federal Reserve and other banking regulators are monitoring the situation, government officials said. (ABC News -- Wire)
Pressure on Citigroup Builds Nov 22, 2008
The government was instrumental in JPMorgan Chase buyout of Bear Stearns and Washington Mutual Inc., deals that left shareholders with little or no payouts. Related. (ABC News -- Wire)
Calif. unemployment rate rises to 8.2 percent Nov 22, 2008
Further adding to the state's bad economic news, Washington Mutual announced Friday that it will close two San Francisco Bay-area operation centers, cutting about 1,600 jobs. Levy said her agency also is not seeing the traditional surge in temporary holiday employment. (Fresno Bee -- Business)
Confessions of an economic moron with no practical skills Nov 22, 2008
Every day now it is Freddie Mac, Fannie Mae, AIG, Washington Mutual, Wakovia, and on and on and on until my eyes glaze over. When the pundits and the national politicians assert that this is the worst economic crisis since the 1930s, I fall into perplexity, because so far there are no soup lines, and the Joads have not thrown everything they could on the truck and set out for Route 66 and California. (Bismarck Tribune, ND)
Stanford Grad Gives $33M For Stem Cell Research Nov 22, 2008
In another blow to the Bay Area job market, Washington Mutual says they will. Wall Street ended a volatile week with an unexpected jolt of confidence following. (Yahoo News -- Philanthropy and Volunteerism)
Citigroup talking to U.S. government as shares dive: source Nov 22, 2008
Within the last three months, major U.S. lenders Wachovia Corp and Washington Mutual Inc suffered rapid outflows of deposits, as losses mounted on mortgages and other debt ... Washington Mutual Inc. (Yahoo News -- Top Stories)
WaMu, BNY Mellon latest banks to shed jobs Nov 22, 2008
NEW YORK - The Bank of New York Mellon Corp. and Washington Mutual on Friday became the latest in a string of banks to announce layoffs ... Washington Mutual, now owned by JPMorgan Chase, planned to eliminate about 1,600 Bay Area jobs due to the closures of one operations center in Pleasanton, Calif. (MSNBC -- Business)
Gilbert teen killed in crash remembered Friday Nov 22, 2008
Friends have set up a memorial fund at Washington Mutual to help the Tracys pay for Kelly's funeral services. Band members from Gilbert's high schools are hosting car washes today to gather donations also. (AZCentral -- News)
CEO won't break-up Citigroup Nov 22, 2008
Prior to the collapse of Wachovia Corp. and Washington Mutual Inc., their tumbling shares triggered deposit outflows and rating-agency downgrades, he wrote. "The market may be implying some sort of regulatory intervention.". (Sydney Morning Herald -- Business)
comScore Media Metrix Ranks Top 50 U.S. Web Properties for October 2008 Nov 21, 2008
New arrivals to the ranking this month included NBC Universal, which entered at position #33 with nearly 25 million visitors and JPMorgan Chase Property, which rose to position #41 with the addition of Washington Mutual, bringing the property's combined audience to more than 23 million visitors. Top 50 Ad Focus Ranking. (PR Newswire)
NATIONAL BRIEFING Nov 21, 2008
The nation's more than 800 thrifts earned $704 million -- including results from Washington Mutual and IndyMac -- in the year-ago period. Total thrift assets fell to $1. (Washington Post)
News highlights Nov 21, 2008
JPMorgan is already eliminating jobs because of big profit hits, and redundancies following the buyouts of Bear Stearns and failed thrift Washington Mutual Inc.. SHARE THIS STORY. (OregonLive, OR -- Business)
JPMorgan cuts banking jobs: Sources Nov 21, 2008
JPMorgan took on about 6,000 staff from nearly insolvent Bear Stearns Cos in March and has also added about 40,000 staff through its acquisition of failed thrift Washington Mutual Inc, according to its third-quarter earnings statement. The bank's total head count was 228,452 at the end of September. (India Times)
WAMU To Cut Bay Area Jobs Nov 21, 2008
(11-20) 18:46 PST SAN FRANCISCO -- Washington Mutual Inc., the Seattle bank seized by federal regulators and sold to JPMorgan Chase in September, said Thursday that it will shutter its Pleasanton campus and cut hundreds of San Francisco positions, eliminating 1,600 Bay Area jobs in all ... Washington Mutual's collapse was the largest in U.S. banking history. (San Francisco Chronicle -- Business)
US thrifts swing to $4B loss in 3Q Nov 21, 2008
The results released by the federal Office of Thrift Supervision excluded Seattle-based thrift Washington Mutual Inc., whose failure in September was the largest in U.S. history, and Pasadena, Calif-based IndyMac Bank, which failed in July ... Without Washington Mutual and IndyMac, they would have earned 598 million a year ago. (Sioux City Journal, IO)
JPMorgan to cut 10% of investment bank staff Nov 21, 2008
JPMorgan has already been eliminating some jobs due to big profit hits from the financial crisis, and redundancies following the buyouts of Bear Stearns and failed thrift Washington Mutual Inc.. New York Exchange. (The Star Online, Malaysia -- Business)
Stashing your cash in a smaller bank Nov 20, 2008
Leaders of some Valley banks and credit unions say much-publicized failures of IndyMac Bank and Washington Mutual Bank sparked jitters, driving cash into smaller institutions ... "We literally had people lining up to open accounts" as Washington Mutual collapsed ... Joe Morford, a banking industry analyst with RBC Capital Markets in San Francisco, said such benefits for smaller banks appearto be confined to markets where failed banks had a strong presence such as Washington Mutual, which has 34... (Fresno Bee)
Williams to lead WaMu through bankruptcy case Nov 20, 2008
Washington Mutual will shell out $700,000 over the next four months for a new president to lead the company through its Chapter 11 case, currently making its way through U.S. Bankruptcy Court in the District of Delaware. The company said in a federal regulatory filing Wednesday that it has hired the bank s former corporate treasurer, Robert Williams Jr., to lead Seattle-based WaMu through its bankruptcy proceeding. (Puget Sound Business Journal, WA)
Reports Say Thousands Of WaMu Employees Will Be Cut Nov 20, 2008
SEATTLE -- According to several reports, JP Morgan Chase will lay off 70 percent of Washington Mutual employees in Seattle. The move comes as JP Morgan Chase shifts all Washington Mutual operations to New York and other business centers in the U.S. after the company acquired the thrift in September ... Currently, Washington Mutual is one of Seattle's largest employers. (KIRO TV, WA)
Equities: Money In The Bank Nov 20, 2008
A year ago Vickrey's firm, Gradient Analytics, began warning its mutual and hedge fund clients that Washington Mutual (nyse: - - ) was failing to take adequate charges for shaky loans. In February it gave AIG an "F" for earnings quality. (Forbes)
Thieves use front-end loader to grab ATM Nov 20, 2008
Our news partners at CBS 12 report police are still on the scene at the Washington Mutual bank at 10160 Northlake Blvd. They report the crime happened about 4 a.m.. More local news. (The Palm Beach Post)
2 charges pending for man in Gilbert teen's crash death Nov 20, 2008
A memorial fund has been set up through Washington Mutual to pay for funeral costs. Reach the reporter at astrid. (AZCentral -- News)
Financial crisis: Facing one challenge at a time Nov 19, 2008
We have seen the failures, or the equivalent of failures, of Bear Stearns, IndyMac, Lehman Brothers, Washington Mutual, Wachovia, Fannie Mae, Freddie Mac and the American International Group. Each of these failures would be tremendously consequential in its own right. (International Herald Tribune)
JP Morgan in Canary Wharf HQ move Nov 18, 2008
This year, JP Morgan has spent billions of dollars buying fellow banks Bear Stearns and Washington Mutual. The site for JP Morgan's new European HQ is close to the offices of fellow banks Credit Suisse and Morgan Stanley. (BBC News)
Experts help Highland students cope with teen's death Nov 18, 2008
A memorial fund has been set up through Washington Mutual bank to pay for funeral costs. A funeral service will be held at 11 a.m. Friday at the City of Grace Church, 655 E. University Drive, in Mesa. (AZCentral -- News)
Funeral for teen killed in wreck set for Friday Nov 18, 2008
A memorial fund has been set up through Washington Mutual and Chase banks to pay for funeral costs. A team of counselors and social workers were at Highland High on Monday to help the 2,800 students cope with the death. (AZCentral -- News)
Top Story: Paulson: Treasury Dept. 'Creatively Working' to Fix Economy Nov 18, 2008
Paulson noted that during the two weeks that Congress debated the TARP, the situation deteriorated as banks, like Washington Mutual went under and Wachovia needed rescue. "We had to do something greater," Paulson said. (ABC News)
The Obama Application Nov 18, 2008
This question includes, but is not limited to, the following: Fannie Mae, Freddie Mac, AIG, and Washington Mutual. Though the question seems ominous in nature, answering "yes" may not necessarily be a deal breaker. (Time.com)
Homeowners meet with lenders to find solutions in Marlborough Nov 17, 2008
Representatives from Countrywide Financial and Washington Mutual were originally scheduled to appear but could not make it. Homeowners who did not have lenders at the workshop met with housing counselors. (Marlborough Enterprise, MA)
Report: JPMorgan may shed more jobs Nov 17, 2008
It also trimmed workers after it bought failed thrift bank Washington Mutual Inc. and investment bank Bear Stearns Cos. Copyright 2008 The Associated Press. (MSNBC -- Business)
Report: JPMorgan plans to ramp up job cuts Nov 17, 2008
The bank has already been eliminating some jobs due to big profit hits from the financial crisis, and redundancies following the buyouts of failed thrift bank Washington Mutual Inc. and investment bank Bear Stearns Cos. Type Size. (AZCentral -- Business)
East Valley grieves for 'sweetest young lady' Nov 17, 2008
A memorial fund will be set up today through Washington Mutual and Chase banks to pay for funeral costs, and a memorial will be held at 11 a.m. Friday at the City of Grace Church, 655 E. University Drive in Mesa. Kelly's friends remembered her as with whom anyone could get along. (AZCentral -- News)
Street of loss and risk Nov 17, 2008
The analysis found foreclosures distributed among some the country's biggest lenders: Countrywide, First Franklin, New Century, Washington Mutual and Accredited Home Lenders. Those names rose to the top for all of the county's hot pockets of foreclosures, from Oceanside to San Marcos and Escondido to Chula Vista. (San Diego Union-Tribune)
Confessions of an economic moron with no practical skills Nov 16, 2008
Every day now it is Freddie Mac, Fannie Mae, AIG, Washington Mutual, Wakovia, and on and on and on until my eyes glaze over. When the pundits and the national politicians assert that this is the worst economic crisis since the 1930s, I fall into perplexity, because so far there are no soup lines, and the Joads have not thrown everything they could on the truck and set out for Route 66 and California. (Bismarck Tribune, ND)
Valley bankers say fears media-driven Nov 16, 2008
But even those who aren t hiding cash under the mattress have probably wondered about their bank s solvency in light of the problems at Wachovia, IndyMac, Washington Mutual and more than a dozen others. According to The Economic Times, 19 U.S. banks crashed during 2008, 12 of them between August and November. (Logan Herald Journal, UT)
Freddie seeks gov't aid after $25.3B loss Nov 16, 2008
Freddie Mac also disclosed a dispute with JPMorgan Chase & Co., which purchased failed thrift Washington Mutual in late September. JPMorgan has refused to take back bad loans made by Washington Mutual, Freddie Mac said in the SEC filing. (San Diego Union-Tribune -- Business)
Producer, Consumer Prices Ahead In Upcoming Week Nov 15, 2008
Prior to joining FOX, he served as first vice president and manager of economic analysis and research at Washington Mutual in New York. Before that, he served as senior vice president at Dime Savings Bank of New York (which was later acquired by Washington Mutual), where he specialized in credit and risk management. (Fox News)
Unreal Estate Nov 15, 2008
Did you think Washington Mutual would be so racist as to question how she could have an income of $160,000. Don t thank me for getting you out of that monthly payment. (The American Conservative)
Get the keys to better loans Saturday Nov 15, 2008
American Home Mortgage Servicing, Bank of America, Countrywide Financial, IndyMac Federal and Washington Mutual are the participating lenders. The South Middlesex Opportunity Council, the Metropolitan Area Planning Council and multilingual housing and credit counselors will also be there for additional assistance. (Marlborough Enterprise, MA)
Regulators Lean On Needy Banks To Make Changes Nov 15, 2008
Nineteen banks have failed so far this year, led by the record-setting collapse of Washington Mutual Inc., and Wachovia Corp. avoided an even bigger bankruptcy in September when regulators ordered the Charlotte, NC-based company to find a buyer. "You are definitely going to see an increase in cease-and-desist orders and enforcement actions," said Gerard Comizio, a senior partner at Paul Hastings Janofsky & Walker LLP and former deputy counsel to the Office of Thrift Supervision in Washington. (New York Post -- Business)
Aflac Chief Amos Says He Won't Bid on AIG Units With Borrowing Costs High Nov 15, 2008
Net income declined 76 percent to $100 million on losses from investments in companies including bankrupt securities firm Lehman Brothers Holdings Inc. and failed lender Washington Mutual Inc. Amos outperformed competitors by avoiding securities backed by subprime loans. We haven't been a trendy company; some people considered us boring'' for passing on in Japanese real estate and the Internet, Amos said in the telephone interview today. (Bloomberg -- Japan)
Zurich Financial 3Q profits plummet 90 percent Nov 14, 2008
Zurich blamed its write-downs on the collapse of financial services firms Lehman Brothers, Washington Mutual and Sigma Finance Corp. during the credit crunch. Insurance companies are among the biggest players on financial markets, and several of Zurich's competitors have suffered similar or worse losses as a result of the global turmoil. (San Diego Union-Tribune -- Business)
Ex-WaMu lawyer joins Fisher Communications Nov 13, 2008
Bellavia comes to the Seattle company (NASDAQ: FSCI) from Washington Mutual Inc., where he served as general corporate attorney. At Fisher, he ll be responsible for the company s legal, corporate and governance issues. (Puget Sound Business Journal, WA)
WaMu cant complete Q3 filing Nov 13, 2008
Washington Mutual said in a regulatory filing Wednesday that it can t complete its quarterly earnings report because it s held up in bankruptcy ... Washington Mutual said in a filing with the Securities and Exchange Commission that it s unable to file the report because it has no employees to complete the work ... Washington Mutual also said in its filing that it anticipates its third-quarter results will be significantly different from those for the corresponding period for the last fiscal year... (Puget Sound Business Journal, WA)
Bank's advertising keeps a down-home face in front of its customers Nov 13, 2008
Big U.S. banks like IndyMac, Wachovia and Washington Mutual are crumbling. But in a campaign for a local bank in South Carolina, the only crumbling is being done by the biscuits. (International Herald Tribune -- Technology)
