In a statement on Thursday, JPMorgan said a quarter of First Republic’s 84 branches will shut by the end of the year. “These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office,” JPMorgan said in the statement. “Clients should expect to continue to receive the same level of service with seamless access to their money.” JPMorgan\n \n declined to say which branches will be shut.
A JPMorgan spokesperson told CNN about 100 employees in the branches that are closing will be offered a six-month transition assignment. Following that, the spokesperson said those employees will be eligible to apply for an open job at the bank, which has about 13,000 open roles. If they don’t find a job with JPMorgan, the bank will help them find a job elsewhere, the spokesperson said.
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