JPMorgan Chase & Co., which bought Washington Mutual Inc.'s branches and deposits last week, said WaMu's Chief Executive Officer Alan Fishman and other executives will leave following the biggest U.S. bank failure in history.

Decisions about the remaining staff will be made by Dec. 1, according to a memo sent from JPMorgan's retail bank CEO Charles Scharf to WaMu employees, which was obtained by Bloomberg News. JPMorgan spokesman Thomas Kelly confirmed the contents of the memo.
Fishman, 62, is out of a job less than a month after he was hired to replace Kerry Killinger, who was fired on Sept. 8 after WaMu's credit rating was slashed to junk and its stock price tumbled. The Seattle-based savings and loan became one more casualty of the global financial turmoil after it was seized by government regulators last week and its assets sold to JPMorgan.
``We strongly believe that it is important to move quickly to name the key leaders who will help take our combined organization forward in the most effective way,'' Scharf said in the memo.
The credit crisis, which has forced the world's largest banks to record $588 billion in losses, write-downs and provisions, pushed Lehman Brothers Holdings Inc. to file for bankruptcy and led to hastily arranged rescues of Merrill Lynch & Co. and Wachovia Corp. JPMorgan paid the Federal Deposit Insurance Corp. $1.9 billion for WaMu's assets after customers pulled $16.7 billion from the bank. Fishman was paid a bonus of $7.5 million to take the top job at WaMu on Sept. 8.
Others who will leave following JPMorgan's purchase include Steve Rotella, chief operating officer; Todd Baker, head of corporate strategy and development; Daryl David, human resources chief; Michael Solender, chief legal officer; and Frank Baier, a special assistant hired by Fishman, according to the document.
Tom Casey, WaMu's chief financial officer, will stay through the end of the year, the memo said.
Other executives asked to remain include Al Brooks, president of the commercial bank; Deb Horvath, chief information officer; John McMurray, head of enterprise risk; David Schneider, president of home loans, and Tony Vuoto, president of credit cards. The executives will report to JPMorgan's current business leaders.
The largest U.S. bank by assets expects to make final staffing decisions for the entire merged retail unit by Dec. 1.
Most staff will continue in their roles under JPMorgan, while others will stay through the transition. No specific numbers are available at this time, JPMorgan's Kelly said.
JPMorgan will honor Washington Mutual's deferred compensation plan and will maintain salaries and benefits at the same level for now, a separate memo to employees said.
Stock compensation lost in the bankruptcy won't be replaced. Top executives won't be paid change-in-control bonuses, the memo said.
(Source: Bloomberg)