BANGALORE (Reuters) - Washington Mutual Inc (NYSE:WM - News) said on Thursday it eliminated 1,200 jobs, following mortgage losses that some analysts have said will keep the largest U.S. savings and loan from turning a profit before 2010.
The cuts affect roughly 3 percent of the thrift's employee base. Washington Mutual has said it ended March with 45,883 employees, down from 49,403 at year-end.
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At the end of 2005, well before the housing crisis began to take hold, the thrift had employed more than 60,000 people.
Down about 25% since 2005.