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Washington Mutual, Inc. (often abbreviated to WaMu) was an American savings bank holding company based in Seattle. ... Its stock price dropped to $0.16 a share, ...
Providian. Providian Financial Corporation was one of the leading credit card issuers in the United States when it was sold to Washington Mutual for approximately US$ 6.5 billion in October 2005. Providian was headquartered in San Francisco, California, and had more than 10 million card holders at the time of its sale.
However, its stock price plunged 27 percent on September 26 due to the seizure of Washington Mutual the previous night. On the same day, several businesses and institutional depositors withdrew money from their accounts in order to drop their balances below the $100,000 insured by the Federal Deposit Insurance Corporation (FDIC) – an event ...
JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual. Through the acquisition, JPMorgan now owns the former accounts of Providian Financial , a credit card issuer WaMu acquired in 2005.
Welcome to the Finance section, your ultimate source for all things money-related. Join us as we cover personal finance, investing, business news, and global economic trends.
In 2008, Washington Mutual faced mounting losses from the mortgage market and steep declines in stock prices as a result of the subprime mortgage crisis. The board of directors removed Killinger as CEO on September 8, 2008, replacing him with Alan H. Fishman.
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