2008
JPMorgan bought Washington Mutual at a $30 billion discount to tangible book value and left WaMu's debt behind.
“We bought it for a $30 billion discount to tangible book value. Because they had debt. And we left the debt behind.”
Topic
Washington Mutual
5 facts from 2 episodes, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
2008
Dimon says WaMu had about 2,300 branches in healthy states such as California, but also large mortgage problems.
“And they had, you know, 2,300 branches. They were, and they had huge mortgage problems.”
2008
Shortly after the WaMu purchase, JPMorgan raised $11 billion of equity to keep its balance sheet strong.
“I went in the market and raised $11 billion of equity, which I didn't really need.”
2008
In 2008, during the financial crisis, JPMorgan acquired Bear Stearns and Washington Mutual.
“in 2008, it stepped into the center of the crisis, acquiring Bear Stearns and Washington Mutual.”
2009
Jamie Dimon says JPMorgan completed all WaMu system consolidations within nine months.
“I think we finished the WAMU consolidations in nine months, all of them.”
Episodes