From Bloomberg:

Washington Mutual Inc., the biggest U.S. savings and loan, removed Kerry Killinger as chief executive officer after he failed to halt losses tied to home mortgages that caused an 88 percent slide in the lender’s stock.

Alan Fishman, 62, of Meridian Capital Group will replace Killinger, Seattle-based WaMu said in a statement today. The company said it reached an accord with regulators about improving the bank’s operations without having to raise new capital.

Killinger joins a growing list of casualties from the mortgage meltdown, and WaMu remains high in most bank-watcher’s dead pools. Fishman has quite a task ahead of him to keep the troubled lender afloat, as they are essentially prohibited from raising new capital through any issuance of debt, and the losses tied to bad mortgages only continue.

Firing squad, originally uploaded by oli_pumfrey.