Washington Mutual, Inc. · Seattle, WA United States
Company Description
Phone: 206-461-2000
Rankings
- #227 in FT Global 500
- #97 in FORTUNE 500
View Washington Mutual, Inc. Locations On A US Map
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This link will open in a new window Washington Mutual (WaMu) offers consumer and commercial banking services through about 2,200 bank branches in the West, New York, Connecticut, and major US metropolitan areas. Once one of the largest originators and servicers of residential mortgages in the country, WaMu was brought low by its mortgage operations. The bank exited the subprime business after the 2007 housing bust and subsequent epidemic of loan defaults, but it was too late. In the largest bank collapse in US history, WaMu failed in 2008 and was acquired by JPMorgan Chase for $1.9 billion. JPMorgan plans to eventually phase out the WaMu brand. To read the full description, subscribe now.
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Key Washington Mutual, Inc. Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $25,531.0 |
| Employees | 49,403 |
Washington Mutual, Inc. Executives
28 executives listed for Washington Mutual, Inc.'s Seattle, WA location.
| Title | Name & Bio | Contact |
| Chairman | Stephen Frank | Network |
| President | Robert Williams | Network |
| John Maciel | Network |
Competition
Competitive Landscape for Washington Mutual, Inc.
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Washington Mutual, Inc. Competitors
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