Shares of Washington Mutual Inc. slid 3.75%, to $39.625, Thursday after an influential analyst said he failed to see cost savings from the Seattle thrift's acquisition of Great Western Financial Corp.

Jonathan Gray of Sanford C. Bernstein & Co. said second-quarter results showed "not a penny" of operational savings from the $8 billion deal that closed in July 1997.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.