WaMu fires 1,200 but shares don't move

Just another day at the Mu, the cuts affect roughly 3% of Washington Mutual's (NYSE:WM) employee base. WaMu said it ended March with 45,883 employees, down from 49,403 at year end.  Wow, the stock closed down only 2 Cents, here's your free yo-yo.

In an e-mail, Washington Mutual said it is cutting jobs that support its home lending unit, and is centralizing some support functions. It said the moves are designed to cut costs, boost efficiency, and help return the company to profitability.

Wall Street could care less at the moment, analysts have said the largest (and shrinking) U.S. savings and loan won't turn a profit before 2010.  That's right, by the time we finally talk to aliens, WM will make some money - nice.

Come on $8 a share!

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