Washington Mutual (WaMu) became the largest casualty and is the 13th U.S. bank to fail this year and the ninth to fail since July. Its customers withdrew a massive US$16.7 billion in cash in the past nine days and this has resulted the largest bank failure in U.S. history. At this point in time, WaMu shares is trading at 15 cents and has dropped more than 93% just today. Last year, its share price was over US$30.
JP Morgan has confirmed to have acquired WaMu's assets. JPMorgan became the biggest U.S. bank by deposits with the deal, acquiring WaMu's branch network for $1.9 billion.
All eyes are now on Wachovia.
Washington Mutual Homepage (Already having a link to JP Morgan)
https://www.wamu.com/personal/default.asp
Welcome Statement by JP Morgan
http://www.chase.com/welcomewamu/
Bank Acquisition Announcement by the Federal Deposit Insurance Corporation (FDIC)
http://www.fdic.gov/bank/individual/failed/wamu.html
Subscribe to:
Post Comments (Atom)
Popular Posts
-
Google url shortener service, goo.gl , is now much improved with newly included features like easier copy and paste, and ability to delete e...
-
I would like to apologize that sigining of my guestbook is not possible at the moment due to an unexpected bug. There is already 74 entries ...
-
The Google Adsense made a blog post with a video to help us understand the concept behind eCPM (Effective Cost Per Thousand Impressions). ...
-
An efficient method to find out the total record counts of all tables in an Oracle database. select table_name, to_number(extractvalue(xm...
-
*********** Try to sleep now, close your eyes Soon the birds would stop singing Twinkling stars, are shining bright They'll be watch...
No comments:
Post a Comment
Do provide your constructive comment. I appreciate that.