WaMu employees likely to lose pensions; many to lose jobs San Francisco Business Times - by Kirsten Grind
Washington Mutual employees are likely to lose their current pensions and they might not find out for another two months whether they have a job, according to a J.P. Morgan Chase executive who spoke to employees from both companies in a frank, hourlong conference call Thursday.
JPMorgan (NYSE: JPM) also plans to rebrand WaMu branches across the country with the JPMorgan Chase name, said Charlie Scharf, head of JPMorgan Chase's Retail Financial Services group.
WaMu employs about 43,000 employees nationwide -- including 3,500 in downtown Seattle -- and JPMorgan Chase has about 195,600.
Scharf, who spent a chunk of the conference call answering blunt questions from employees, said employees' pension plans are part of WaMu's business that's held up in Chapter 11 bankruptcy, so it's not J.P. Morgan's responsibility to honor them. That likely means employees who are currently accruing money into the plan as well as employees who are already retired might be cut off.
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