Taro Logo

Bank gone wild

Software Developer Lead
Current Employee
Has worked at JPMorgan Chase for less than 1 year
December 29, 2008
Seattle, Washington
1.0
Doesn't RecommendNo CEO Opinion
Pros

It used to be a great company, but that company no longer exists.

Cons

The company is bankrupted. Layoffs of all Seattle HQ employees are imminent.

"We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs, and Lowe's-Home Depot did to their industry. And I think if we've done our job, five years from now you're not going to call us a bank."

-- Kerry Killinger WaMu chief executive, 2003

During Killinger's tenure, WaMu pressed sales agents to pump out loans while disregarding borrowers' incomes and assets, according to former employees. The bank set up what insiders described as a system that enabled real-estate agents to collect fees of more than $10,000 for bringing in borrowers, sometimes making the agents more beholden to WaMu than they were to their clients.

Advice to Management

Don't do subprime lending. Oops. Too late.

Was this helpful?

JPMorgan Chase Interview Experiences