JPMorgan Chase, a leading global financial services firm which had acquired the ailing Washington Mutual, plans to retain about 24,000 employees of the savings and loan association.

However, it plans substantial job cuts at its former headquarters and elsewhere.

According to sources, the company would retain the 22,000 employees who work at Washington Mutual branches and 2,000 workers in the mortgage and wealth management divisions in California.

The company has not yet determined the total numbers to be cut in other states, but it plans to inform all former WaMu employees of their job status by Monday.

The company has already informed about 1,600 employees, who work in the back-offices of the California branches to be ready for job cut, expected to occur by March.

A data from Securities and Exchange Commission has revealed that WaMu had about 43,000 employees as of June, this year.
JPMorgan quoted that the company along with WaMu has about 5,400 branches across the nation, and it only plans to close about 10 per cent offices.
JPMorgan acquired WaMu from the Federal Deposit Insurance Corp in late September for USD 1.9 billion.