Washington Mutual's Share to JP Morgan


Summary: Washington Mutual is another bank that got hurt by their positions in subprime loans. By September 2008, WaMu's share price closed at $2, when it had been nearly $30 a year before that. Another they initially claimed that they could remain independent, they announced on September 25th that they would sell themselves to JP Morgan. Washington Mutual Bank's assets, including the branch network, all of its deposit liabilities and secured debts, were sold to JPMorgan Chase for $1.9 billion. This was by far the largest bank failure in United States history, and bolstered JP Morgan's strong position in the investment banking industry.

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