5 Biggest Companies That Went Bankrupt

2. Washington Mutual

Total assets at the time of bankruptcy (in billions of dollars): 327.9

Date of bankruptcy:  September 26, 2008

Washington Mutual was a savings bank holding company, and was also the owner of the biggest savings and loan association in the entire United States. Just like our number one entry, the company’s downfall came as a result of its involvement in the subprime mortgage crisis, which led to a major loss in value of the stock of the company, as well as the termination of thousands of employees. When customers lost confidence in the bank, they withdrew nearly $17 billion in cash, which led to the Federal Deposit Insurance Corporation to come in, seize assets of the company and eventually, sold it to JP Morgan Chase (NYSE:JPM).

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