Will "Whoo-hoo WaMu," the no-frills, no-fees, hip and neighborly bank, find a new identity with conservative JPMorgan Chase, which advertises value and security? WaMu's ads have mocked stodgy banking and portrayed customers in fantasies about financial freedom. Chase's brand is less distinguishable, other than its image as large and convenient due to its strong presence in key markets including the East Coast. Chase could decide to eliminate WaMu's playful approach in the midst of economic upheaval, and opt for a more conservative and traditional image.
Also, JPMorgan Chase announced that Washington Mutual's Chief Executive Officer Alan Fishman and five other senior executives will leave the company, as the combination of the financial services giant and the failed thrift makes their positions redundant. Bank employees will know by Dec. 1 whether their jobs will be eliminated. Fishman held the top job for just a few weeks before WaMu was sold to Chase for $1.9 billion. He will forgo the multi-million severance pay afforded through his employment contract, but may keep a $7.5 million signing bonus.