JPMorgan is cutting about 1,000 First Republic Bank employees | CNN Business

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JPMorgan Chase informed about 1,000 First Republic Bank employees on Thursday that they will no longer have jobs

JPMorgan acquired most of First Republic’s assets earlier this month after the San Francisco-based regional bank was seized by the government. It marked the second-biggest bank failure in US history. A JPMorgan spokesperson told CNN that the bank updated all First Republic employees on Thursday about their future employment status and the vast majority — or nearly 85% — have been offered a transitional or full-time role.

“We recognize that they have been under stress and uncertainty since March and hope that today will bring clarity and closure.” The bank said that employees who have not been offered a role will receive pay and benefits covering 60 days and will be offered a package that includes an additional lump sum as well as continuing benefits coverage and resources to find new opportunities.

 

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