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Headquarters:
1201 3rd Ave.
Seattle, WA 98101
Employees: 46,000
CEO: Kerry Killinger
Stock Symbol: WM
Website:
http://www.wamu.com
Career Site
Washington Mutual is a banking and financial
services firm based in Seattle serving both consumers and small
to mid-sized businesses. The company has 2,500 retail banking,
commercial banking and financial services offices throughout
the nation.
WaMu conducts business through four primary
business lines: Retail Banking & Financial Services, Home
Loans, Commercial Banking, and Card Services.
WaMu reported heavy losses last year due
to the mortgage market decline. It announced it would cut 3,000
jobs.
At the end of 2007, the bank had $327.9
billion in assets and average total deposits of $200.3 billion.
In 2007, the company reported a net loss
of $67 milion.
In April, WaMu announced it would close
all 186 of its home-loan offices resulting in the loss of 3,000
jobs nationwide.
History
Following a massive fire in Seattle in
1989 that destroyed 25 city blocks, the Washington National Building
Loan and Investment Association filed articles of incorporation
on September 25, 1889, to offer its stockholders a safe and profitable
vehicle for investing and lending. This allowed the Association
to help Seattle residents rebuild after the fire.
On June 25, 1908, the company changed its
name to Washington Savings and Loan Association.
The company would convert from a mutually
owned bank to a capital stock savings bank and go public in 1983.
Washington Mutual entered the credit card
market through the acquisition of San Francisco-based Providian
Financial in October 2005.
WaMu has branches in the NYC area following
its 2002 acquisition of Dime Bancorp.
Benefits
- Medical:
Choose from several coverage options, including a PPO with a
$250, $550 or $1,000 deductible, a nationwide HMO and several
HMOs that vary according to the state where you live.
- Dental: Receive benefits of 50 to 100 percent of the
cost of diagnostic, preventive and restorative care.
- Flexible spending accounts: Set aside money tax-free
from your pay and use those funds to reimburse yourself for eligible
health care and dependent daycare expenses.
- Life insurance: Receive company-paid basic life insurance
and elect supplemental coverage that fits your needs.
- Long-term disability plan: This plan is paid 100 percent
by WaMu. Following six months of service, you can receive up
to 60 percent of your monthly salary after 180 days of qualifying
disability.
- WaMu Savings Plan, the 401(k): Defer up to 50 percent
of pre-tax earnings when you start working at WaMu. After you
complete one year of service, you start receiving a match on
a percentage of your contributions.
- WaMu Pension Plan: After you complete one year of service,
you will begin accruing benefits. The benefits you accrue in
this plan are based on your compensation and years of service.
- Employee Stock Purchase Plan: Purchase Washington Mutual,
Inc. common stock at a discount through convenient payroll deductions.
- Employee discounts: From premium free checking to home
loan discounts, you can benefit from the special discounts offered
to WaMu employees.
- Learning and development: WaMu offers a variety of leadership
education and professional and career development opportunities
to help you maximize your talents and grow in your career.
- Volunteering: WaMu encourages employees to give back
to their communities by providing eligible employees up to 40
hours per year of paid time away from work to volunteer.
- Vacation: Eligible employees receive two to five weeks
each year, depending on years of service.
- Holidays: Eligible full-time employees enjoy 80 hours
each year.
- Sick leave: Eligible full-time employees receive eight
hours per month after 90 days of service, and there is no cap
on the hours that can be accrued.
Updated April 9, 2008
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