WaMulian World

Executive Bonuses

2008-01-23T17:34:00.000-08:00

According to the Seattle PI, this year's cash bonuses for the Executives...

Stephen Rotella, President and Chief Operating Officer-$912,800 ($3.1m in 2006)

Tom Casey, Chief Financial Officer- $391,200 (down 71%)

James Corcoran, President of the Retail Bank-$277,100 (down 70%)

CEO Kerry Killinger "will not accept" a bonus for the year

John Hess (Card Services Technology) is leaving

2008-01-21T17:32:00.000-08:00

The head of Card Service Technology, John Hess, is leaving the bank... is he affraid of working at Chase?

2007 Earnings Call on January 17th

2008-01-03T18:11:00.000-08:00

WaMu will announce their 2007 Fourth-Quarter and Full-Year on Thursday January 17th during a conference call following the NYSE close. Story.

Cutting Back on Kitchen Supplies?

2008-01-02T19:26:00.000-08:00

Some WaMulian wrote to Consumerist:

We had an email go out to employees here at WaMu. They're going to stop
providing us plastic cutlery, hot chocolate, creamer, and anything but regular
tea.

Is this just at the ECC? What do YOU know? Time to chirp in!

SEC Probing WaMu

2007-12-27T14:11:00.000-08:00

How did WaMu handle over-inflated appraisals???

http://www.mercurynews.com/news/ci_7779422?nclick_check=1

Stock Below $14

2007-12-27T14:10:00.000-08:00

Closes at $13.55

Seattle PI Readers Offer Suggestions

2007-12-19T18:30:00.000-08:00

Interesting article in the PI today about why people are frustrated with WaMu.

It comes down to two modes of thought-
1. The Bank tried to grow too fast in the mortgage boom which led to...
2. They lost touch with their mainstay- the personal customer.

What are your thoughts?

WaMu Responds to Flooding in Northwest States

2007-12-13T18:13:00.000-08:00

Source: Corporate Human Resources
WaMu employees and customers in Washington and Oregon have been impacted by serious flooding over the last week. Several counties in the two states have already been declared disaster areas. Learn how WaMu is offering support to communities in need.

In keeping with our long tradition of offering support to our communities in times of need, we've already mobilized to provide needed funding to the Oregon Food Bank and the Salvation Army in Washington to help them deliver relief services to hard-hit areas.

In addition, we've implemented our Employee Disaster Relief Program (internal link) for any impacted employees who reside in federally-declared disaster counties. The Employee Disaster Relief program is for federally declared disasters. Under the program, the Washington Mutual Foundation may provide emergency funding of up to $1,500 for each qualified employee applicant who has home residences in these counties and is without other resources to provide for immediate food, shelter, or clothing needs for themselves and their dependents.

During the holiday season, non-profit support organizations such as food banks and social service agencies are already stretched thin to meet demand. A disaster at this time of year makes it all the more difficult for those who need help to find it.

We will also be relying on the WaMu Matching Gift Program, where we match employees' donations to non-profit organizations dollar-for-dollar (for gifts $25 to $10,000). If you plan to provide personal donations to help during this time, be sure to fill out the Matching Gift application (internal link) on WaMu.net.

WaMu Raises Close to $3 Billion in New Capital

2007-12-13T18:11:00.000-08:00

Source: Corporate Communications
WaMu announced today that it has priced a public offering of 3 million shares of convertible preferred stock, raising nearly $3.0 billion in less than 24 hours. Originally, the company planned to raise $2.5 billion but increased the amount based on buyers' interest in the offering.

The company expects the deal to generate net proceeds of approximately $2.9 billion, after expenses and underwriting discounts and commissions.

"We are pleased with the response to our capital raising efforts," said Kerry Killinger, Chairman and CEO.

WaMu intends to contribute up to $1.0 billion from this offering to Washington Mutual Bank, its principal bank subsidiary, as additional capital. The remaining proceeds will be retained at the holding company for general corporate purposes. The company expects the offering to close on or about December 17, 2007.

3,150 Jobs Cut

2007-12-12T19:26:00.000-08:00

You know the details. Most in Home Loans.

WaMu's Focus on Diversity and Inclusion

2007-12-06T19:13:00.001-08:00

Leading demographic trends suggest that in the next decade the workforce will be older, more global in focus, yet smaller and more diverse. In fact, a recent study suggests that by next year, a full 70% of new workers will be women and minorities, and 34% of the entire U.S. workforce will be non-Caucasian. Check out what WaMu is doing to create a more diverse and inclusive workplace.

Diversity is alive and well at WaMu—and it's something the company takes very seriously. That's why WaMu Chairman and CEO Kerry Killinger recently asked that a Diversity Committee be formed to make sure that the company was prepared to meet the changing needs of its employees and customers.

Co-sponsored by company President and Chief Operating Officer Steve Rotella and Daryl David, EVP of Human Resources, the Diversity Committee is comprised of senior-level employees across the business and key corporate support groups. Each committee member was selected to participate based on his or her desire to make WaMu an even more inclusive and collaborative workplace.

Research nearing completionIn partnership with Jones & Associates, the Diversity Committee is in the final stages of analyzing research that was conducted earlier this year to gain deeper insight into WaMu's diversity and inclusion practices, as well as its cultural climate. This research includes senior management interviews, employee focus groups, and a cultural leadership assessment survey with participants chosen at random. The research analyses are expected to be completed by the end of the year and results reported out to WaMu employees in the first quarter of 2008.

Feedback from the research is being used to develop a comprehensive diversity and inclusion strategy for the company. Preliminary results have led WaMu to its initial focus areas, which include building a more inclusive workplace, and enhancing representation of Latinos, African Americans, and women among the company's senior management ranks.

"The good news is that WaMu has valued diversity of background, thought, and talent as a key competitive advantage for quite some time," says Steve Rotella. "But we also know that we can do more, and need to do more. Studies have also shown that an inclusive and collaborative workplace is a catalyst for innovative thinking, that it leads to higher overall company performance, and that it creates greater job satisfaction."

Turning commitment into actionAlong those lines, WaMu is doing a number of things to further ingrain diversity and inclusion into our cultural DNA.

Earlier this week, Diversity Recruiting released a new dashboard and toolkit aimed at building WaMu's pipeline of diverse talent. And starting in 2008, senior managers will be asked to create actionable goals related to diversity and inclusion. At the end of next year, a portion of their senior management rating will be determined on whether or not they meet these goals. "This is a top priority from a management accountability perspective," says Kerry Killinger. "In addition, it's further proof that diversity and inclusion are vital components of our core values and business strategies."

Another key part of WaMu's diversity and inclusion strategy is education. According to Daryl David, WaMu has long been committed to inclusive workplace training, and the company's current program, "Our Inclusive Workplace—Managing the WaMu Way, " is an interactive program that helps managers create an environment in which all employees feel included and able to work comfortably and productively. Early next year, WaMu will be rolling out enhancements to its existing training program and introducing new courses, materials, and tools designed to help WaMu employees put the company's values into action.

"We're committed to making WaMu a great place to do business and an equally great place to work," says Steve Rotella. "Our diversity and inclusion strategy is good for employees, good for customers, and ultimately good for business."