J.P. Morgan Chase & Co. announced plans to lay off about 21% of Washington Mutual Inc.’s employees by the end of 2009. J.P. Morgan, which acquired WaMu in September for $1.9 billion after it was seized by the government, told employees yesterday that it will lay off 4,000 workers by the end of January, according to J.P. Morgan spokesman Tom Kelly. Another 5,200 are being asked to stay on through various dates in 2009 to help with the deal’s integration.
In related news, JPMorgan Chase & Co. said Monday it intends to match in 2009 Washington Mutual’s 2008 level of corporate philanthropy in Washington state, which was $2.6 million. There is no word on severance packages for employees, however, but the total number of JP Morgan Chase employees to lose their jobs in the next years is said to be approximately 9200.