Washingtion Mutual

PoorMtnKid · **Posted:** Thu Sep 18, 2008 3:41 pm

So everyone this might sound like a rant but I needed to just see if anyone else has had prior expierence with what I might be going through soon. So I work for WaMu as a personal financial Rep and with the whole economy the way it is, bad mortgage loans, and the fear the media has put in to americans, I know that eventually this bank would be no longer. So as of now I have read from online sources that there a few potential buyers for the bank. The ones that I consider would be the best option would be Chase or HSBC. If it were the other two, wells fargo or citi, I would basically be screwed due to the fact that in Las Vegas those two banks already have a number of branches throughout the city. Chase and HSBC do not. Has anyone on here ever worked for a company that has been bought out buy another? What can I expect in the future? Any personal expierence would be great.

dog_party · **Posted:** Thu Sep 18, 2008 3:53 pm

I have had a bad experience with a buyout. By telling this story, I hope I don't come across as saying that all buyouts end this way...but mine did.

I worked for J. Peterman as an artist for a while. The company went into Chapter 11 and then came back and bit and then fell even worse. There were three rounds of layoffs, which I survived. When an actual buyout actually happened, a clothing company in Indy set up the deal and told everyone that they were going to run the company just as it had been run and we would all still have our jobs. But, when they actually bought the company, they closed the doors the very same day. Everybody that was left was simply sent to the unemployment line.

I am now working for a completely different company that is for sale. The higherups are catering to a bunch of potential buyers and the sale will most likely happen relatively soon. I am simply praying that I will still have a job.

Like I said, all buyouts don't go this, but that's what happened to me last time. I am sticking this one out to the end (or the new beginning) only because I have a lot of years with this company. They are currently giving really good severance pkgs to those that are being laid off (at least, they are good for people that have been with the company for a long time). If I didn't have so many years with the company, I'd be headed out the door as the buyout looms closer and closer.

I hope everything turns out well for you.

ATXKJ · **Posted:** Thu Sep 18, 2008 4:48 pm

I've been though 1 buyout and 1 spin off - but I think in your case it'll be different.

normally any job function that's duplicated gets 1 side eliminated - sometimes that'll take a while - sometimes there's a lot of training (incentive packages can be really good - but you're training someone else to do your job and then you're gone)

However it also depends on whether the company is trying to take over all of the operations - or if they're trying to split off pieces and sell them, so if you're part of a piece that would be profitable as a stand alone - they try to keep everything together whether it's for a sale or for a spinoff.

If your piece of the company is the piece that's losing money - no one's safe it just depends on how long it takes to get out of the business.

PoorMtnKid · **Posted:** Thu Sep 18, 2008 5:22 pm

Thanks for your info guys. As of right now it just sucks to work period because you have people coming in to the bank basically telling me the my job is about to end and then they take their money else where which makes it even worse lol. And I'm very young so I never have been through anything like this so it just makes me nervous. And not to mention that I'm in the process of buying a house. Not that I for sure have the house yet but due to the fact that my GF and I were really looking forward to getting this place. Crazy times crazy times.

tommudd · **Posted:** Thu Sep 18, 2008 6:07 pm

Its never easy for sure because no matter what they say it can change overnight. Know what you mean about hard to hang in there as well, but you at least have a job for a while and hopefully longer.
The bad thing is anymore most jobs are like that, long gone are the days that you get out of college and work somewhere 30 years and retire.
Hang in there and good luck

dirtykj · **Posted:** Fri Sep 19, 2008 12:11 pm

Everybody's case will be different. Mine was a godsend

I was ready to quit my last company, primarily because my bosses were *****. My job was made hell ... all IT expenditures must be accompanied by pointless proposals. Server replacement because current one is gonna die soon? Write a proposal and obtain three competing quotes ... gimme a break.

Then we were bought out by a much larger multinational semiconductor IP company and given new bosses. Yey!!!! Our budget went from nil to something much larger, and more importantly, NO PROPOSALS!

I stopped taking Benicar HCT for my blood pressure ...

We have beer Friday again ...

Meetings at the pub ...

What's not to like? :-)

BUT, the financial sector is going to suck for the foreseeable future. And, if you think our economy is not in the crapper, think again. Ten years? It took Japan twenty to climb out of their last one, and ours is a lot worse than theirs was ... but then again, I've always been a bear for the past few years. The one thing I find comforting is our acquaintance (former loan officer, most recently a specialist in foreclosure processing, funny how THAT turned out), is now coming around and giving us (ME especially) advice about how the economy is going to suck for the next TEN years. Ha!

If you thought I was a housing bear, no I wasn't. I was a credit bear :-)

Housing was just a small small part of the problem.

Richrail · **Posted:** Sat Sep 20, 2008 1:53 am

I worked for Kmart when they went Chapter 11. they stayed open until an Investor came in and purchased them. When they went under my company retirement went to. 12 1/2 years gone just like that. :cry:

I left and went to work for the Union Pacific Railroad. by changing professions I doubled my income have a strong 401K and I no longer pay into Social Security. I pay into Railroad retirement fund. the best part of the RR retirement is when I retire my wife also gets half again what I get. If I get 4K she gets 2K just for being married to me.

I also worked in the banking sector in the 80"s lots of buying and mergers. Usually if the purchasing bank has branches they sell them off to small regional banks. Nevada State bank is getting some of the old Citibanks, and US bank is taking over the Nev State banks in the Smith's stores
I worked at Nevada S&L>PriMerit Bank>Norwest>Citibank>WellsFargo.

mrkake · **Posted:** Sat Sep 20, 2008 3:15 am

I have been through two. Both were franchised restaurant chains that got bought out by the corporation (it's an easy way to expand; let an independent develop an area and when they become successful find out a reason why they are not in compliance with their franchise agreement and by the stores from them for half what they are worth.) Both times I was told that my job wouldn't change, that they were really happy with the way things were being done and then gradually started changing everything. Two years after it happened the first time I didn't even recognize my job anymore. The second time it happened (15 years later) I started looking for a new job immediately and got out before they changed everything. Things are bad all over but (in my line of business anyway) the Southwest has been hit hardest. My sales are down 30% over two years ago and many months we don't even make it into the black. Scary times indeed.

As far as your situation goes, Chase tried to buy Nevada State Bank a while back and the deal never went through. They have zero branches in the whole state because of this (like I said, it's an easy way to expand). As long as your job isn't redundant you should be okay. It won't be smooth sailing and great times. But you'll get through it. The other advantage that you and your GF have going is your youth. I made some pretty drastic career changes when I was your age. It's a buyer's market here so now is actually a good time to get a good deal on a house. Just don't buy more house than you really need and don't plan on making a bunch more money next year. If you live within your means you will be fine (I speak from exerience here and not becuase I listened to my own advice :cry:

).

PoorMtnKid · **Posted:** Sun Sep 21, 2008 11:21 pm

Thanks for the info guys. I was actually thinking about going to the Union Pacific, but when I looked it up online the only city the have near me is actually a 9 hour drive away. So unless they have something local it does not seem like it would work. As of now I'm just taking everything as it comes at me. I also am trying to start my own business so I was thinking I can dry that if nothing comes along during these hard times. Never know it can blow up or sink but hey like you said I'm young!

dirtykj · **Posted:** Mon Sep 22, 2008 12:13 am

Ever want to work in IT?

There will always be a need for IT workers as long as businesses continue to use computers and networks, which is to say, for a looooong time to come.

I started out as a programmer, got bored doing one thing and pretty much doing what marketing told you to do ... switched to doing IT work and never looked back. Sure, the pay is lower, but you do have more freedom, and you can switch companies fairly easily. I still do open-source development in my spare time, but that doesn't pay the bill obviously

toy4everyseason · **Posted:** Tue Sep 23, 2008 1:34 am

It may be evil but the worse the economy gets the stronger my job security is. I'm a police officer. As times gets harder, people tend to do more illegal and stupid things. I don't pay into the failing social security, instead its a pension system. Sure I wear a gun and run the risk of getting shot every night but it's soo darn fun and the pay and benifits are awesome. If your looking for a new career, ask your local department for a ride along, you just might like it.

Khaki-KJ · **Posted:** Fri Sep 26, 2008 5:36 am

I just saw this in the Wall Street Journal;

WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History
http://online.wsj.com/article/SB1222384 ... od=testMod

When I read the article a few things jumped out at me that makes me think that you will be OK;

The deal will vault J.P. Morgan into first place in nationwide deposits and greatly expand its franchise.

The change, according to OTS, "will have no impact on the bank's depositors or other customers." WaMu's bank branches will open on Friday morning as usual and business will "proceed uninterrupted."

This paragraph may be of interest to you as a personal financil rep.;

The deal will expand J.P. Morgan's footprint westward and into the South. Most importantly, it will give J.P. Morgan an instant presence in two states where it is now virtually non-existent: California and Florida. Although both states have been battered by the housing market collapse, they still offer significant potential for J.P. Morgan, which can pitch a slew of financial services that weren't big business for WaMu, such as wealth management and commercial banking. WaMu has nearly 700 branches in California and operates more than 250 branches in Florida.

I sure hope you make it through this OK PoorMtnKid.

Tokyojoe · **Posted:** Fri Sep 26, 2008 2:59 pm

I guess those old crusty bankers won out over the younger black guy in the commercials. They kept waiting him out, sleeping in their little roped off area. :lol:

dirtykj · **Posted:** Fri Sep 26, 2008 4:54 pm

This paragraph is even more interesting in the Chinese sense:

JPMorgan Chase acquired the assets, assumed the qualified financial contracts and made a payment of $1.9 billion. Claims by equity, subordinated and senior debt holders were not acquired.

Bondholders? Kiss your money good-bye. Who were those bondholders? Municipalities, pension funds, etc.

PoorMtnKid · **Posted:** Fri Sep 26, 2008 5:03 pm

Well everyone as of right now I still have a job. LOL it was crazy the past few weeks with people comming in and asking about there money. Then Monday of this week till Thrusday it was calm quiet like nothing ever happened. And bam we get an email saying welcome to the chase team haha. Can you say the calm before the storm? From the email it did say they will be cutting jobs, but due to the fact as someone stated that CA and FL is a good market for them I would consider Las Vegas a good one also. They dont have any Retail Branches in our city so why would they close down when they have an excellent opportunity to have business and make money. As of right now we are still operationg as Washington Mutual but in 6 months is when all the changes will come. Thanks everyone for your time and personal expierence that you put down here.

And the one about the Stodgey bankers and the black man who now does comercials for Chevy I think. LOL made my day that much better after reading that. Those comercials were better than these darn Whoo hoo doo doo they have on now

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