Tom Reese/Paul Rubillo, Dividend.com
JP Morgan (JPM) is announcing its plans on how it will integrate Washington Mutual into its retail banking network.
The company is letting go of 4000 employees by the end of January and another 5200 will be let go at various times throughout 2009. The number of layoffs may actually go up as the figures do not include the Washington Mutual's hundreds of retail branches.
The Bottom Line
We had removed shares of JPM from our "Recommended" list back on Nov.12, when the shares traded at $36.35. The company has a 5.82% dividend yield, based on last night's closing stock price of $26.12. The layoffs in the financial service and mortgage industry will likely increase from here as companies maneuver through acquisitions.
JP Morgan (JPM) is not recommended at this time, holding a Dividend.com Rating of 3.3 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
