Vikram Pandit, Jamie Dimon and other CEOs say their banks are doing fine, but few people seem to believe them.
JPMorgan Chase warned of more housing weakness across its mortgage portfolio this year and also said it would cut more jobs related to its purchase of failed savings and loan Washington Mutual than originally planned.
Lehman Brothers. Washington Mutual. And now ... Whitefish Bay Schools?
JPMorgan Chase said Monday it plans to lay off 9,200 employees at Washington Mutual, the failed savings and loan that the New York City-based banking giant bought in September.
Investors who wagered that Washington Mutual would somehow survive the latest market turmoil will have to pay far less than some had feared.
A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion plan to restore order to the financial industry
The CEO of failed Washington Mutual Inc. and five other senior executives of the largest U.S. thrift, now owned by JPMorgan Chase & Co., are leaving their positions soon.
Hard-hit bank stocks rallied Tuesday, partly on hopes that the government would indeed pull off a rescue plan for the embattled industry.
Following Citigroup's takeover of Wachovia, the collapse of Washington Mutual and the House's rejection of the bank bailout bill, Wall Street is wondering who's next.
National City insists it isn't about to follow in the footsteps of Wachovia and Washington Mutual. But the events of the past week suggest the bank's depositors are the ones who will make that decision.
Vikram Pandit, Jamie Dimon and other CEOs say their banks are doing fine, but few people seem to believe them.
JPMorgan Chase warned of more housing weakness across its mortgage portfolio this year and also said it would cut more jobs related to its purchase of failed savings and loan Washington Mutual than originally planned.
Lehman Brothers. Washington Mutual. And now ... Whitefish Bay Schools?
JPMorgan Chase said Monday it plans to lay off 9,200 employees at Washington Mutual, the failed savings and loan that the New York City-based banking giant bought in September.
Investors who wagered that Washington Mutual would somehow survive the latest market turmoil will have to pay far less than some had feared.
A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion plan to restore order to the financial industry
The CEO of failed Washington Mutual Inc. and five other senior executives of the largest U.S. thrift, now owned by JPMorgan Chase & Co., are leaving their positions soon.
Hard-hit bank stocks rallied Tuesday, partly on hopes that the government would indeed pull off a rescue plan for the embattled industry.
Following Citigroup's takeover of Wachovia, the collapse of Washington Mutual and the House's rejection of the bank bailout bill, Wall Street is wondering who's next.
National City insists it isn't about to follow in the footsteps of Wachovia and Washington Mutual. But the events of the past week suggest the bank's depositors are the ones who will make that decision.
Stocks rallied at the end of a tough session on Wall Street, as investors boosted banks and other stocks on optimism that a compromise on the proposed $700 billion bank rescue plan will be announced shortly.
Banks have been thrust into the center of a financial tempest during the past few months that has left industry experts and consumers wondering: what's next?
Just when it looked like relief was on its way, lending seized up again Friday.
Although Wachovia Corp. has been mentioned as one of the more troubled big U.S. banks, at least some analysts believe it is not at risk
The dollar was mixed Friday against major currencies as the fate of the government's proposed $700 billion intervention remained unclear.
Washington Mutual Chief Executive Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement.
JPMorgan Chase acquired the banking assets of Washington Mutual late Thursday after the troubled thrift was seized by federal regulators, marking the biggest bank failure in the nation's history and the latest stunning twist in the ongoing credit crisis.
As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks -- Washington Mutual Inc. -- has collapsed under the weight of its enormous bad bets on the mortgage market
Washington Mutual's stock plunged Thursday despite reports that the company was actively looking for a buyer.
Stocks tanked Monday, amid the largest financial crisis in years after Lehman Brothers filed for the biggest bankruptcy in history, Bank of America said it would buy Merrill Lynch and AIG slumped on fears that it can't raise cash.
Wall Street isn't finished yet.
Washington Mutual's stock rose on Tuesday, recovering from a rough start after Standard & Poor's lowered the savings-and-loan's credit rating to junk amid continuing weakness in the housing market.
Stocks were volatile Friday as investors faced uncertainty about whether Lehman Brothers and Washington Mutual are likely to find buyers and whether AIG will shed its sour mortgage-related assets.
Washington Mutual is seeking to reassure investors by saying it has enough liquidity and capital to see it through these tough times.
Washington Mutual's stock dove more than 13% Friday morning but recovered after the battered savings and loan confirmed that it had beefed up its liquidity.
Washington Mutual reported a $3.3 billion quarterly loss Tuesday -- far worse than Wall Street was anticipating -- as it set aside more money for bad loans.
Investors who made bets on a turnaround in bank stocks are smarting now. And that's going to make it tough for banks facing more real estate writedowns to raise new money in the coming months.
Shares of Washington Mutual and National City both plunged Monday as fears grew about the credit crisis plaguing big banks.
There aren't many reasons to own financial stocks these days.
So far, banks have had little problem raising capital to meet their growing need for more cash.
Stocks tumbled Monday on new worries about the financial sector after S&P cut its debt rating on a number of banks, and Wachovia and Washington Mutual announced management shakeups.
Bank investors are crossing their fingers that Washington Mutual has drawn a road map that shows a way out of the mortgage meltdown.
Washington Mutual told employees Monday that it will exit the wholesale lending business and close home-loan centers nationwide.
Stocks ended mixed Monday, as investors welcomed news that Washington Mutual could see a $5 billion investment, but showed caution ahead of the quarterly earnings period, due to get underway after the close.
Sometimes when it rains, it pours on Wall Street. And this week forecasters are calling for a flood.
Sometimes when it rains, it pours on Wall Street. And in the week ahead, forecasters are calling for a flood.
What the heck's happening to our financial system?
Stocks slipped Thursday morning as investors mulled weak earnings from Bank of America and Washington Mutual, record-high oil prices and a falling U.S. dollar.
Washington Mutual reported a steeper-than-expected decline in earnings Wednesday and that it was bracing for more difficulties ahead in the housing market.
Wall Street is already betting that next week's earnings at the nation's biggest banks will be dismal. What remains to be seen is just how bad they will be.
Citigroup and UBS may not be the only banks breaking bad news to investors this month.
Thrift bank Washington Mutual Inc. said Thursday it will cut 1,000 jobs, eliminating its sales force dedicated to mortgage borrowers with questionable credit and slashing some of its wholesale banking operations.
Washington Mutual Inc., one of the largest U.S. mortgage lenders, said Wednesday it will stop offering some of the most popular home loans for subprime borrowers after rising defaults caused losses to mount for dozens of lenders.
In a month of mostly modest returns, domestic large-cap funds led with a 0.9% average gain. Best among the biggest funds: American Funds Washington Mutual Investors, up 1.7%. U.S. government bond funds fared worst, losing 0.6% on average as rates crept up on long-term Treasuries.
There's a new kind of mortgage in town - and it's very limber.
AFTER 17 YEARS at the helm of Washington Mutual--where he pulled off 31 acquisitions--Kerry Killinger has transformed what was once a $190-million-a-year regional savings and loan outfit into a $14...
Despite the choppy market over the past week, the Dow Jones industrial average has still rebounded more than 14 percent from this year's lows. Nonetheless, lots of blue-chip growth stocks remain unusually cheap.
Washington Mutual stock had several big runs between 1995 and 2002 thanks to the housing boom and the bank's nationwide expansion.
You're the largest savings and loan in the country faced with a dreary outlook for mortgages and increasing pressure on profits from higher interest rates. What's the best course of action to take?
A sophisticated group of thieves used technical trickery to steal ATM card information -- and over $100,000 -- from customers at two New York City Washington Mutual branches.
Washington Mutual is looking to shake off its reputation as a mortgage-centric thrift bank, and reinvent itself as a diversified financial player.
Washington Mutual announced Monday it will purchase Providian Financial in a cash-and-stock banking deal worth $6.5 billion.
Washington Mutual has been ordered to rehire a former executive who questioned the bank's lending practices as possibly improper, according to a published report.
Q. When we got a home-equity line of credit in 2003, my wife had a "stellar" credit score of 804, but mine was only a "good" 699. To qualify for the best rate, I'd need 700 or higher. We were told ...
Q. When we got a home-equity line of credit in 2003, my wife had a "stellar" credit score of 804, but mine was only a "good" 699. To qualify for the best rate, I'd need 700 or higher. We were told we could reapply in a year for free, so I paid down my cards and worked on my score. When we went back to the bank, they said it would now cost us $500 to reapply. Can they do this?
What kinds of information do stock investors have the right to know? Most companies tell us what they think we want to hear. But if the people who ran public companies thought about it, they would ...
What kinds of information do stock investors have the right to know? Most companies tell us what they think we want to hear.
It doesn't take Sherlock Holmes to surmise that Bill Nygren's favorite stock is Washington Mutual (WM). The celebrated manager of the very concentrated Oakmark Select fund (a MONEY 100 selection fo...
What should shareholders do when a company suffers a setback? If the risk exposure looks open-ended, there's a case for selling right away and cutting your losses. But if the problems can be quickly contained, you could end up selling at the bottom.
Investors may play it safe Tuesday as the two-day Federal Reserve policy-setting meeting begins, with little economic news due to guide the markets.
The major banks have been reporting excellent earnings for the fourth quarter and full-year 2003. The reasons for these strong profits are straightforward: An economic recovery is under way and interest rates are low.
The question wasn't, Would the Bank One/J.P. Morgan deal trigger more deals? Rather, it was, How fast would the rest of the dominoes fall?
Investors looking to get a piece of bank merger action -- in the wake of the proposed $58 billion stock purchase of Bank One by J.P. Morgan Chase -- bought up stocks of mid-cap and promising regional banks seen as potential takeover targets Thursday.
Are we there yet?" For most of 2003, that was the big question. All the signs said a recovery was coming up soon--but it never seemed to arrive. Now that we've clearly reached our destination--the ...
Are we there yet? For most of 2003, that was the big question.
At a time when most banks are cutting back on brick and mortar, Washington Mutual has been on a building binge. The nation's seventh-largest bank plans to open 250 branches this year. It's the late...
On a blustery afternoon in late February, a thirtysomething woman rushes through the door of a Washington Mutual branch in the heart of midtown Manhattan, stops, and stares. Tucking her hair behind...
Most investors don't have particularly sophisticated strategies for handling their cash. That's understandable since cash played such a minor role for most of us in recent years (we pumped our assets into stocks as quickly as possible).
There's only so long you can play a losing game before giving up. In basketball, once coaches see that they can't possibly win, they bench their starters. In boxing, trainers infamously throw in th...
Unlike industry giant Citigroup, Washington Mutual won't be taking any companies public soon. Nor will it be issuing credit cards or offering private banking. Instead, the Seattle-based bank will s...
Who would have thought that seven years into the Internet Age Seattle's brightest star would be a 100-year-old bank? But with A-Rod in Texas, Amazon.com in purgatory and Boeing headed off to Chicag...
How do you hide $333 billion? Don't take out ads, avoid the press, don't use your own name on your products and discourage hotshots within your ranks. That's how Capital Research & Management does ...
Hunting For Tech Values
If someone told you Capital Research & Management placed four funds on this MONEY 100 list, you might say, "Who?" Cap Research's American Funds group is the ultimate low-profile, high-return outfit...
Okay, so Kerry Killinger's not a glamorous guy. He's in the savings and loan business, decidedly not a glamorous industry. His company, Washington Mutual, works so hard at being unglamorous that it...
Given today's high-flying market, you might think there were no stocks left that could climb another 30% on top of the almost unbelievable 70% advance of the past two years. Testifying before the S...
Forget about glamorous biotech and health-care funds. To find out how fund shareholders have really fared in the rally of 1991, study the 10 funds profiled here. These 10 biggest stock funds contro...
''I want it all'' may be the rallying cry of the 1980s. And investors who bought total-return funds -- in the past few years, anyway -- have got just that. Dubbed total return because they offer bo...
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