JPMorgan Chase has announced it will lay off roughly 12,000 employees as it digests Washington Mutual. According to the AP, the big bank, which some thought had weathered the crisis as well as any, expects about $2 billion in savings via the acquisition, the majority of which will be realized this year.

These savings include about $1.35 billion related to the layoffs. It's still unclear just how troubled all those WaMu mortgage assets are. As of now, the bank expects remaining lifetime losses on the home mortgage portfolio to be in the $32 billion to $38 billion range. But the economy could sour even more, requiring more in loan losses. It's conceivable that the bank will be forced to cut more jobs.

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