WaMu announces 1,600 Bay Area job cuts

November 20, 2008 10:30:07 PM PST
Some employees said they saw the layoffs coming, others said they were shocked by the announcement Thursday that JP Morgan Chase would be laying off 1,600 Bay Area employees as part the company's consolidation with Washington Mutual, which it bought in September.

Chase is closing WaMu's Pleasanton operations center and letting go of the 1,200 employees based there. The work load will be picked up by centers in Texas and the Philippines.

Chase is also scaling back at a San Francisco operating center, laying-off 400 employees. Some of these employees said they were told they could keep their jobs if they were willing to relocate to Chicago.

Although pink slips will officially go out to most of the employees Dec. 1, Chase has guaranteed them employment at least through the holidays, with some staying on through the spring.

Employees have been offered severance packages as well as job placement assistance.

Many of the employees told ABC7 they were fearful of speaking on camera because they had been told they would lose their jobs immediately if they spoke to the media.

Thursday's layoffs come just after 3,000 Seattle WaMu employees also lost their jobs.