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Quick rise to the top As recently as three years ago, Seattle-based Washington Mutual was considered an up-and-coming force in the savings and loans industry. No longer: after a breathtaking run of acquisitions, Washington Mutual is at the top of its industry. Led by charismatic chairman, president, and CEO Kerry Killinger, Wamu is the largest S&L in the country, one of the 10 largest banks in the U.S. (S&L's, also known as thrifts, are lending institutions that are essentially similar to commercial banks, but with slight legal differences when it comes to their charters.) The company made its biggest leaps in recent years. In 1996 Washington Mutual bought Keystone Holdings in a $1.7 billion deal. Then in 1997, and 1998, the thrift took two giant steps. In 1997, it won a bidding war with H.F. Ahmanson to acquire Great Western Financial for $8 billion in what was at the time the largest S&L deal in history at the time. And in 1998, the company topped that acquisition by shelling out $9.9 billion to buy H.F. Ahmanson itself. That acquisition was the 20th S&L deal Wamu had made since Killinger took over as president a decade earlier. In December 1998, the company made the move from Nasdaq to the New York Stock Exchange. At your service With its largest presence in the West (Wamu is the second-largest lender in California), the company has about 1100 branches. Washington Mutual believes that by concentrating on the consumer market while its competitors split their attention between serving both the little people and big business. As a consumer lending institution, Washington Mutual gets high marks for its emphasis on personal service. For example, unlike most commercial banks, Wamu staffs its grocery-store branches with tellers; customer service desks are positioned near the front door so customers can be greeted shortly after they enter. To check up on its employees, the company sends "secret shoppers" - who rate customer service - to each of its branches four times a year. The firm attracts customers with a free checking account with no minimum balance, and depends on incentive-heavy compensation plans to get its employees to aggressively sell products ranging from mortgages and insurance, to travel service.
Washington Mutual's toll-free job hotline, 1-800-952-0787, gives state-by-state information on current job openings and application procedures. Applicants must fill out an application form, and Washington Mutual accepts applications for specific job openings only. Hiring is a priority at Washington Mutual, insiders say. Explains one: "The company has grown tremendously and needs all the good people it can get in almost every discipline."
Fast-paced Washington Mutual's recent run of acquisitions are representative of the company's aggressive corporate culture. "It's a big company with tremendous opportunity for a young person," reports one insider. Says another: "If you are looking for a career and are ambitious, Washington Mutual is a great place to work." The company offers ample incentive for its employees to be ambitious. Contacts report that "recently, all employees have been granted stock options." Beware of burnout With opportunity comes intense work, insiders warn. "The reason I left was pure burn out. The lending atmosphere was insane." Another insider, noting that the company has doubled the size of Wamu five times in six years, agrees: "Every employee has been stretched to the maximum to do that, so keep that in mind." Relaxed culture Despite the potentially heavy workload, insiders say, "the atmosphere in the company is fairly relaxed." One insider explains that despite having a "low-key" position, "I have been able to get myself heard and my ideas accepted." Says another insider: "The corporate culture is probably more relaxed than at most companies our size. We've shed the stodgy banker thing." For example, at Wamu's corporate headquarters, employees have a business casual dress code Monday through Thursday and dress casually on Friday. However, warn contacts, "the company is changing rapidly since it is growing so fast." For example, one insider notes, "in the past there were quite a few company parties, which are no longer done." However, the company still provides standard benefits, including "full medical, dental, a 401(k) and profit-sharing." Pay is considered "in line with the industry."
S. Liane Wilson Human Resources 1191 Second A.ve1 P.O. Box 834 Seattle WA 98111 (800) 952-0787
Banking and financial services
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