JPMorgan to Cut 22 Percent of WaMu Jobs

JPMorgan placed the layoff toll from absorbing Washington Mutual at 9,200 jobs, or about 22 percent of the failed bank's workforce of 42,000.

Various news media report JPMorgan said 4,000 WaMu employees will be let go by the end of January. The remaining 5,200 jobs will be eliminated over the course of 2009. About 3,200 of the cuts will come out of WaMu headquarters in Seattle. Chief Executive James Dimon and retail banking head Charles W. Scharf were in Seattle Monday to answer questions from local leaders about how the combination will impact the city.

A JPMorgan spokeswoman told the New York Times DealBook that the 5,200 employees who stay on as transition workers will be eligible to receive double their salary retroactive to Oct. 1 until their last day on the job, and will be entitled to severance packages.