Washington Mutual Reviews | Glassdoor

Washington Mutual Reviews

38 reviews

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Washington Mutual Chairman & CEO JP Morgan Chase James Dimon
James Dimon
4 Ratings

38 Employee Reviews

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Pros
  • It had great benefits and recognition program that made the employees feel valued (in 17 reviews)

  • Stimulating environment, good pay, and great benefits (in 13 reviews)

Cons
  • Competitive, subprime lending downfall for the company (in 10 reviews)

  • poor business practices that led to company being seized by the FDIC (in 9 reviews)

More Pros and Cons

  1. Helpful (1)

    "WaMu needs help."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Banking Loan Consultant in Chicago, IL
    Current Employee - Banking Loan Consultant in Chicago, IL
    Doesn't Recommend
    Disapproves of CEO

    Pros

    It was a good company. Good benefits good opportunity, etc.

    Cons

    The company being in survival mode has caused many bad decisions being made. And the company did not prepare enough for downturn.

    Advice to Management

    Customer service in the mortgage business has not been important. If we can not sell on price then we must have service. cost cutting has equaled service cutting which damages our reputation which was good.


  2. Helpful (1)

    "No wonder the stock dropped 35 points."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Personal Financial Representative in Palo Alto, CA
    Former Employee - Senior Personal Financial Representative in Palo Alto, CA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    WaMu has a great benefits package. Great rates on medical insurance. Great compensation for miles traveled beyond your normal work commute. Good PTO with 7 consecutive days off required per year.

    Cons

    Newer employees are not screened or trained properly. The working environment has become very unprofessional. We are encouraged to be unethical by management. I was not allowed to address my issues with management.

    Advice to Management

    I was told repeatedly to do things against my ethical judgment. When brought up with HR, my issue was brushed off. The company value is written on the walls, but the words spoken behind those walls are completely different.

  3. "WAH MOO"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Project Manager in San Francisco, CA
    Former Employee - Project Manager in San Francisco, CA
    No opinion of CEO

    Pros

    If you need money.....for catfood, dogfood, birdfood or fishfood, they can supply it. If you are an asskissing shlub, regardless of your talent or competence, they will take you on. If you are looking for a longterm career, accomplishing nothing and expect to be promoted by default, they can accomdate you. If you would like to invest all or part of your 401K in company stock and then watch that stock fall through the floor, join the team. If you support a company who utilizes a voice mail system which it intended to frustrate and block customers from reaching employees, which utilizes outsourced services in outer slobovia, which designs products with "gotchas"....then welcome aboard.

    Cons

    They cannot fix stock prices by treating customers like pawns

    Advice to Management

    Do your own banking at the bank...under cover....and experience the frustration that customers experience


  4. "Be honest about the state of the bank"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Technology Group Manager in Seattle, WA
    Current Employee - Technology Group Manager in Seattle, WA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    It was pretty interesting at first with the amount of change that was going to be undertaken around data (Oct '07); however, there isn't any budget to invest in data management anymore.

    Cons

    The missteps on the subprime fiasco followed with the 50% shareholder dilution as well as turning JP Morgan down just points to a long and potentially ugly end to WaMu. Instead of hearing a frank and fair assessment of what the management team is doing to right the situation, I am told things like: "only listen to internal communication about the state of the bank, and to ignore the 10Ks, etc. that the company is filing with the SEC". It's a paraphrase, but that is not what you want to hear directly from one of the C-level execs.

    Advice to Management

    Be honest about the condition of the company. Quit the propoganda.


  5. Helpful (1)

    "It's a paycheck... today, anyway."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Business Ops Analyst in Jacksonville, FL
    Current Employee - Business Ops Analyst in Jacksonville, FL
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Right now, I can't think of a thing.

    Cons

    Wondering if you'll have a job tomorrow.

    Advice to Management

    Shame on you!


  6. Helpful (1)

    "WaMu Review"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Lead Financial Analyst in Seattle, WA
    Former Employee - Lead Financial Analyst in Seattle, WA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    It's in Seattle, and it's a job. They have reasonable benefits.

    Cons

    It's huge and losing gobs of money. It's very bureaucratic.

    Advice to Management

    Learn how to assess risk. Don't enter markets unless you understand them.


  7. "Even rats leave a sinking ship"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Manager in Vineland, NJ
    Current Employee - Manager in Vineland, NJ
    Doesn't Recommend
    Disapproves of CEO

    Pros

    you dont have to buy work clothes. you have uniforms like mcdonalds

    Cons

    The working environment is very tense because since they do not adequately staff the branches employees feel strained. Even in this tough job market there are many who are leaving because the overall mood at WaMu is very depressing.

    Advice to Management

    Hire managers in the branches that have college degrees or promote only those that have a college degree preferably in finance economics or accounting. Management at the branch level is horrible, many just take there base salary pass the audits and if they can meet a goal then they are lucky. Managers need more accountability. There are some talented managers out there and they should be put out on the front lines of new branches.

  8. Helpful (1)

    "I cannot recommend this company for employment"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Seattle, WA
    Former Employee - Anonymous Employee in Seattle, WA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    You may get severance if you stay long enough

    Cons

    Unstable company with poor leadership and a "loser" culture. "Simpler banking" does not resonate with the corporate groups.

    Advice to Management

    Where have you been?


  9. "WaMu was once a good company to work for"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Technology Group Manager in Seattle, WA
    Current Employee - Technology Group Manager in Seattle, WA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    The compensation is good, although the stock and yearly bonuses are a thing of the past.

    Cons

    Incompetent management and executives who put their own greed ahead of what is best for the shareholders or the company.
    I worked for WaMu for ten years and am ashamed of how far the company has fallen.

    Advice to Management

    You are what is wrong with corporate leadership today. If any other employees had failed as completely and totally as the senior leadership, they would have been laid off long ago.
    If you have any concept of accountability, you would resign and pass the leadership on to people who may be able to pull the company from the brink of oblivion. You got the company in this trouble so why do you feel you are qualified to chart the way out of it?


  10. Helpful (1)

    "I remember when WaMu was a good company"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Technology Group Manager in Seattle, WA
    Current Employee - Technology Group Manager in Seattle, WA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    The compensation is good but the bonuses and stock are a thing of the past.

    Cons

    Incompetent management and executives who put their own greed ahead of what is best for the shareholders, the company, or the employees.
    After having worked for WaMu for many years, I am ashamed of what the executive leadership has done to the company.

    Advice to Management

    You have failed, completely and terribly. If any other employees had the same record of success, they would have been laid off long ago. If you had any concept of accountability you would resign in disgrace and allow new leadership to try and chart a path to success out of your failure, but your greed probably won't let you leave as long as there is any money you can take for yourselves.


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