Tough times ahead: Message from WaMu’s Web site
Washington Mutual’s failure and subsequent fire sale to New York-based JPMorgan Chase will undoubtedly hurt the Seattle legal community, not to mention Seattle as a whole. WaMu was downtown Seattle’s biggest tenant. It was a leading supporter of local philanthropic and cultural causes. It employed 3,500 in its headquarters alone, including what must have been dozens of fine attorneys. I can think of at least three who used to work at my firm.
All of this will probably soon change.
On the trademark front, the collapse of the bank is also big news. WaMu owns hundreds of federal trademark applications and registrations — most of which would seem to be headed for abandonment, as JPMorgan apparently intends to fold WaMu’s operations into its CHASE brand.
Given WaMu’s 100-year history here, it’s a shame all that goodwill is seen more as a liability than an asset. It’s disappointing — though I suppose not surprising — that five years of what people now view as reckless expansion, combined with countless ill-advised mortgages, can erase decades of good feelings about the brand.
It goes to show: goodwill is a fragile thing.
When the dust settles, it will be interesting to see how JPMorgan portrays its brand as it enters the Seattle market. The local papers on Friday ran an AP story about how JPMorgan’s staid image will contrast with WaMu’s efforts to present a more hip persona.
In these economic times, I suppose it’s hip to be staid.