Washington Mutual Raises US$7bn

April 2008 | Corporate Financing News Alert

On April 8 Washington Mutual (WaMu) announced that it had raised US$7bn from three investors led by private equity firm TPG. WaMu stated that the other investors included some of its top institutional shareholders. It also announced US$1.1bn in first quarter losses along with a provision for loan losses totalling US$3.5bn. The company has dropped from its position as one of the US's leading savings and loans due to losses caused by the subprime mortgage crisis.

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