J.P. Morgan Chase & Co will clean house at Washington Mutual Inc. The bank announced that it would inform WaMu's 43,000 employees by Dec. 1 if they would retain their jobs. However, some employees such as Washington Mutual CEO Alan Fishman have already received a pink slip.
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Fishman only joined WaMu in September, but he could still get $13.65 million, Reuters reported.
He took the job at WaMu, replacing former chief executive Kerry Killinger on Sept. 8. Under his compensation package,
Fishman got a $7.5 million cash signing bonus and, assuming his exit is
deemed "constructive," is eligible for a payout of 2.5 times his $1
million base salary.
Other Washington Mutual executives that have been given pink slips as
J.P. Morgan prepares to integrates Washington Mutual include:
- Stephen Rotella, president and Chief
Operating Officer
- Michael
Solender, chief legal officer
- Frank Baier, special adviser
- Daryl David, chief human resources officer
- Todd Baker, executive vice president of corporate strategy and
development
- Maria Woehr
See Dealscape: Fishman's failure nets fat payday
See Dealscape: Rewarding Wall Street's failures
