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Washington Mutual Has List of Buyers
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After seeing its stock value plummet thanks to sub-prime mortgage lending, Washington Mutual has put part, if not all, of the bank up for sale.
Possible takers are lining up, looking to acquire the Seattle-based bank despite turbulent times in the financial sector. Citigroup, JP Morgan Chase, Wells Fargo, and Bank of America are kicking the tires, but not commenting on the availability of Washington Mutual.
WaMu has over 2,300 branches, mostly on the West Coast, and reports $143 billion in retail deposits. But in a case of buyer beware, the bank is projecting losses to accumulate to $19 billion over the next two and a half years.
The FDIC met with WaMu Chief Executive Alan Fishman to spell out the bank’s plan of operations, and to ultimately give its support to the sale.
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