It was only a matter of time: the Washington Mutual board thanked Kerry Killinger, wished him well, and replaced him with Alan H. Fishman as CEO. Killinger left Fishman will a Memorandum of Understanding with the Office of Thrift Supervision “concerning aspects of the bank’s operations, principally in several areas of its risk management and compliance functions, including its Bank Secrecy Act compliance program,” according to a WaMu statement.
The bank will “provide the OTS an updated, multi-year business plan and forecast for its earnings, asset quality, capital and business segment performance.” The good news: WaMu doesn’t have to raise capital, increase liquidity, or change any products or services.
