WaMu Sale: Deal or No Deal?
Washington Mutual's (WM) ouster of longtime CEO Kerry Killinger may signal that the ailing thrift is struggling to find a buyer and is setting its sights on a rebound.
WaMu announced Monday that banking veteran Alan Fishman, hailed by some industry insiders as a "turnaround artist," would succeed Killinger as CEO. The Seattle-based lender had been rumored to be considering a sale this year as the mortgage and housing meltdown has caused the company to post three consecutive quarters of earnings losses.
Christopher Brendler, an equity analyst at Stifel Nicolaus, speculates that the change in management is because a sale is "increasingly unlikely" and the company is resorting to "plan B," which is figuring out to how to fix the ailing company and return to profitability despite continued deterioration in the markets, he says.
"My opinion is they left
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV