According to a September 26, 2008 Investment News article , the purchase of WaMu Investments, Inc. by JP Morgan Chase will give the combined entity approximately 15% of the market.
Accounting for roughly 10% of the nation’s retail-securities business done at banks, JP Morgan Chase & Co. is set to become even more dominant in that segment once it completes its $1.9 billion takeover of Washington Mutual Inc.
WaMu Investments Inc., the Irvine, Calif.-based broker-dealer of the Seattle-based bank holding company, employs approximately 60 Series 7 (general securities representatives) brokers and 500 Series 6 (mutual fund sales) platform representatives.
JP Morgan Chase has approximately 2000 Series 7 brokers and 10,000 Series 6 (mutual fund sales) reps. Meanwhile, WaMu accounts for about 5% of the bank brokerage business. Both banks specialize in mutual fund investments.
The stockbroker fraud attorneys at Colling Gilbert Wright & Carter are actively pursuing investment fraud cases to recover losses associated with unsuitable variable annuities, mutual funds and other investment products purchased from WaMu and JP Morgan Chase. Please contact our offices for a free consultation.