Tuesday, December 2, 2008

Layoff Express Running Again at JPMorgan Chase, WaMu

Job Loss Express Off and Running at WaMu

The Puget Sound Business Journal reports on more layoffs at JPMorgan Chase. The reductions will impact hundreds of employees in the Northwest.

JP Morgan Chase said it will lay off 3,400 WaMu employees in Seattle, about 81 percent of the bank’s local work force. Employees losing jobs will receive severance. Some employees will be retained during transition and will be eligible to receive retention pay.

Of those laid-off WaMu employees, 1,500 will leave the bank in the next 60
days while the remaining 1,900 will be placed on JPMorgan’s transition

JPMorgan Chase is keeping about 800 Seattle employees.

The company said it will lay off a total of 9,200 WaMu employees
nationally, out of the company’s total work force of about 42,000. Of those
workers, 4,000 will leave within the next 60 days and the remaining employees
will be placed on JPMorgan’s transition team.

Transition team employees will stay for varying lengths of time
depending on the projects they are working on, with the longest duration lasting
through 2009.
Transition team employees will receive double salary for the
remaining time they stay at the bank.
All laid-off WaMu employees will be
eligible for outplacement services and will receive lump-sum severance payments
based on their years of service with the bank.

See the full article here
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