Washington Mutual
Washington Mutual was a U.S. consumer retail bank founded in 1889 that offered deposits, mortgages, and home equity lending through a large national branch network. It collapsed in 2008 as the largest U.S. bank failure and was acquired by JPMorgan Chase.
- Company typePublic
- Founded1889
- HeadquartersChatsworth, United States
- Headcount5,001–10,000
- GTM typeB2C
- OfferingServices
What Washington Mutual does
Washington Mutual, Inc. (WaMu) was a U.S. savings bank holding company founded in 1889 that operated as a major consumer and retail bank for more than a century. Its product set centered on consumer banking — checking and savings deposits, home mortgages (including a large Option ARM and subprime origination book), home equity lending, and complementary retail financial services — distributed through one of the largest U.S. branch and ATM networks and supported by 10,000+ employees at peak. Revenue was generated principally through net interest income on the loan portfolio, mortgage origination and sale gains, and retail deposit-related fees, with a growth model that aggressively expanded mortgage market share through the mid-2000s.
In September 2008, the Office of Thrift Supervision placed Washington Mutual into receivership, making it the largest U.S. bank failure in history to that point. The collapse was driven by the board's continued pursuit of profit in the face of escalating credit risk signals and internal risk-management warnings, particularly within the home loan portfolio. JPMorgan Chase & Co. acquired Washington Mutual's banking operations in the same 2008 transaction, absorbing the deposit base, branch network, and substantially all of the franchise; Washington Mutual, Inc. ceased to operate as an independent entity. The WaMu legal entity has remained a non-operating subsidiary within the JPMorgan Chase corporate structure since, and current-day consumer banking under the former footprint is delivered through Chase.com and the Chase brand.
Washington Mutual firmographics
Firmographics- Name
- Washington Mutual
- Legal name
- Washington Mutual, Inc.
- Website
- https://wamu.com
- Company type
- Public
- Founded year
- 1889
- Operating status
- Acquired
- Headcount range
- 5,001–10,000 employees
- Short description
- Washington Mutual was a U.S. consumer retail bank founded in 1889 that offered deposits, mortgages, and home equity lending through a large national branch network. It collapsed in 2008 as the largest U.S. bank failure and was acquired by JPMorgan Chase.
- Ownership category
- akta.pro rank
Washington Mutual industry classification
Industry- Product category
- Retail Banking
- NAICS
- Savings Institutions and Other Depository Credit Intermediation (52218)
- SIC
- Savings Institutions, Not Federally Chartered (6036)
- akta.pro primary industry
- Mutual Savings Banks & Mutual Thrifts (FSABAEAD)
Keywords
Where Washington Mutual is headquartered
LocationHeadquarters
- HQ city
- Chatsworth
- HQ country
- United States
- HQ region
- North America
Markets served
Washington Mutual business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Washington Mutual product offering
Product offeringCore offering
Washington Mutual was a savings bank holding company providing consumer banking and financial services to retail customers in the United States. Founded in 1889, it grew into one of the largest U.S. retail banks before collapsing in 2008 as the largest bank failure in U.S. history and being acquired by JPMorgan Chase.
Differentiator
Problem solved
Functional benefit
Products and services
- Consumer Banking and Financial Services
Companies that use Washington Mutual
Customer profileIdeal customer profiles1 record
Washington Mutual technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Washington Mutual partnerships and signals
Strategic signalScale indicators2 records
Recent moves3 records
Washington Mutual competitors and assessment
Company assessmentBroad incumbents
- Bank of America: Bank of America is a national retail bank that acquired Countrywide and Merrill Lynch during the crisis. It competes in the same consumer banking and mortgage categories WaMu operated in and absorbed direct peers post-2008.
- JPMorgan Chase: JPMorgan Chase acquired WaMu's banking operations in 2008 and is the direct successor to much of WaMu's retail franchise. It is both a broad incumbent competitor and the specific acquirer of WaMu's deposits and branches.
- Wells Fargo: Wells Fargo is a national retail and commercial bank with substantial mortgage exposure and was the acquirer of Wachovia. It is a broad incumbent benchmark for the U.S. retail banking category WaMu competed in.
Direct peers
- Flagstar Bancorp: Flagstar is a savings bank with a heavy residential mortgage origination and servicing focus, directly comparable to WaMu's mix of retail deposits and mortgage lending.
- IndyMac Bank: IndyMac was a California-based thrift with concentrated Alt-A and subprime mortgage exposure that was seized by the OTS in July 2008, one of the largest U.S. bank failures of the crisis. It shares WaMu's thrift charter and mortgage-led business model.
- New York Community Bancorp: NYCB is a thrift holding company with a multi-state retail deposit and mortgage franchise, structurally similar to WaMu's savings bank holding company model and a useful benchmark for how a post-crisis thrift holding can be run conservatively.
- Wachovia: Wachovia was a major U.S. retail bank with comparable mortgage and consumer banking exposure that collapsed in 2008 and was acquired by Wells Fargo. It is the closest analog to WaMu in business model, customer base, and crisis-era fate.
- Countrywide Financial: Countrywide was the largest U.S. mortgage originator at its peak with a comparable subprime and home-equity lending footprint to WaMu. It was acquired by Bank of America in 2008 after severe credit losses, making it a direct peer in mortgage-driven retail banking.
- Washington Federal: Washington Federal is a savings bank holding company focused on residential mortgage and consumer lending across the western U.S., providing a directly comparable business model to WaMu's pre-crisis savings bank structure.
- People's United Financial: People's United is a bank holding company with a New England-focused retail deposit and commercial lending franchise, providing a comparable community/savings-bank model to WaMu's retail deposit-gathering business.
Market position
Strengths3 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights4 records
Customer concentration
Washington Mutual social profiles
Digital presenceWashington Mutual financial estimates
Financial estimateRevenue estimate
Valuation estimate
Washington Mutual leadership team
Management profileNumber of profiles
Washington Mutual funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Washington Mutual M&A and investment
M&A and investmentM&A2 records
Investments9 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Washington Mutual
What does Washington Mutual do?
Washington Mutual was a savings bank holding company providing consumer banking and financial services to retail customers in the United States. Founded in 1889, it grew into one of the largest U.S. retail banks before collapsing in 2008 as the largest bank failure in U.S. history and being acquired by JPMorgan Chase.
Is Washington Mutual a public or private company?
Washington Mutual is a public company. It is classified as corporate owned and is currently acquired.
When was Washington Mutual founded?
Washington Mutual was founded in 1889. It employs 5,001 to 10,000 people.
Where is Washington Mutual based?
Washington Mutual is headquartered in Chatsworth, United States, in the North America region.
Who are Washington Mutual's main competitors?
Broad incumbents on record are Bank of America, JPMorgan Chase and Wells Fargo. Direct peers are Flagstar Bancorp, IndyMac Bank, New York Community Bancorp, Wachovia, Countrywide Financial, Washington Federal and People's United Financial.
Does Washington Mutual have an API?
No public API is recorded for Washington Mutual.
What industry is Washington Mutual in?
Washington Mutual's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAD, Mutual Savings Banks & Mutual Thrifts. Its NAICS code is 52218 and its SIC code is 6036.