WaMu Prepares Itself For The Inevitable

AIG’s been settled, Lehman’s been mostly settled, so who’s left in to sort out? Washington Mutual.

NY Post: Washington Mutual is close to hiring investment bank Goldman Sachs as an adviser as it mulls its strategic options, including a sale of the ailing savings and loan, The Post has learned.

Hiring an adviser would help Seattle-based WaMu inch closer toward a sale of the troubled banking franchise, which has lost 94 per cent of its value over the past year amid worries about its stockpile of problem residential mortgage loans. The thrift is also exploring a sale of some branches to raise capital, sources said.

WaMu’s plan comes after Merrill Lynch analyst Kenneth Bruce issued a report today saying that the nation’s largest thrift is coming under increasing pressure to “seek shelter from the storm through a merger.”

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