Washington Mutual News Archives

The changes Wachovia Corp. and Washington Mutual Inc. announced to their executive suites Monday may have raised more questions about the near-term futures of the companies than they answered.

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June 03, 2008 The Problem Lots of banks offer some form of free checking. Washington Mutual wanted its no-fee, interest bearing product to stand out.

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Washington Mutual, hard-hit by the mortgage and credit crises, will replace Chief Executive Kerry Killinger as chairman of the board.

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So stripping Ken Thompson of the Wachovia chairmanship was only the first step. Having walked him on to the plank three weeks ago, the board nudged him off the end by forcing him out as chief executive.

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Wall Street retreated sharply Monday on more signs of economic weakness and on executive shake-ups at two major banks - reminders of the ongoing fallout from the credit crisis. The Dow Jones industrial average fell more than 100 points.

Two economic reports indicated that the economy is still struggling. As expected, the Institute for Supply Management's manufacturing index for May showed its fourth straight monthly decline, while the Commerce Department said construction spending dipped in April for the sixth time in seven months due to a drop in home construction.

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TPG Inc., the leveraged buyout firm started by David Bonderman and Jim Coulter , may buy 20 percent of Bradford & Bingley Plc , the U.K.'s biggest mortgage lender to landlords, two people with knowledge of the ...

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Photo courtesy of John Grosshans John Grosshans stands aboard the USS Midway during a recent trip to San Diego.

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