September 12, 2008 / 6:06 PM / 10 years ago

Reports conflict on JPMorgan talks with WaMu

WASHINGTON (Reuters) - Shares of Washington Mutual Inc (WM.N) whipsawed on Friday amid conflicting reports that JPMorgan Chase & Co (JPM.N) was in talks to acquire the battered savings and loan institution.

The JPMorgan and Chase headquarters is seen in New York in this January 30, 2008 file photo. REUTERS/Shannon Stapleton

The American Banker trade paper first reported that JPMorgan was in advanced talks to acquire WaMu. An industry source later told Reuters: “They are in advanced talks.”

But business channel CNBC reported that no talks were being held, while two other sources familiar with the situation later told Reuters that talks were not ongoing.

Washington Mutual spokesman Brad Russell did not return calls seeking comment and JPMorgan spokeswoman Tasha Pelio declined to comment.

WaMu shares swung between $2.43 and $3.29 before closing down 3.5 percent at $2.73.

Reporting by John Poirier; additional reporting by Megan Davies, Jon Stempel and Elinor Comlay in New York; Editing by Tim Dobbyn and Ted Kerr

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