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In hopes of turning around its troubled retail business, WaMu has dismissed its retail banking chief James Corcoran, who, according to the WaMu Web site, "was responsible for overseeing the company's retail branches and products, small business banking, direct consumer lending businesses and WM Financial Services, among other things." WaMu like its competitors expanded during the real estate boom. But the company has had to shut down some retail locations to conserve money, and whoever is hired to replace Corcoran will likely have to do the same. WaMu's troubles have been so bad that experts have speculated that the company maybe better off being acquired, but with many financial companies weakened by the credit crunch the choice of buyers is scarce. And WaMu's mortgage troubles may be the tip of the iceberg as concern over credit card debt begins to mount. Although not the largest credit card issuer -- that title belongs to Bank of America Inc. -- WaMu does have a decent chunk of the business. Additionally, the front-runner for a WaMu acquisition, J.P. Morgan Chase & Co., is the second-largest credit card issuer, so it may think twice before taking on more credit card debt. "The deterioration in credit cards is accelerating faster than many had expected," said And that's something WaMu is not looking forward to. - Gerald Magpily See CNN ArticleDealscape: CtW wins some, loses some, but wants more from WaMu Dealscape: Does Dimon covet Citi's overseas jewels? Dealscape: Carnac says Wachovia and J.P. Morgan Categories Deal Video
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Trouble continues at Washington Mutual Inc. The thrift, which rode the real estate bubble, is now feeling the pain of the crash and is trying everything to fix its enormous problems, as another time bomb -- credit cards -- may loom in its future. 
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