Washington Mutual Reportedly For Sale

Washington Mutual Inc. has put itself up for sale and hired Goldman Sachs & Co. and Morgan Stanley to operate the auction, according to a Reuters report.

Potential buyers include HSBC Holdings Plc, Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. However, the sale is not said to be imminent, and other options remain on the table. A merger with Morgan Stanley was also a rumored possibility.

Washington Mutual has projected $19 billion of mortgage losses through 2011.

Source: Reuters

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