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US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Last week, JPMorgan informed about 1,000 First Republic Bank employees they will no longer have jobs.įirst Republic’s failure marked the second-biggest banking failure in US history and came just weeks after the implosion of Silicon Valley Bank and Signature Bank. JPMorgan is moving to swiftly slim down First Republic, including by cutting workers. Last month, JPMorgan agreed to buy most of First Republic’s assets following the San Francisco-based regional bank’s seizure by the government. If they don’t find a job with JPMorgan, the bank will help them find a job elsewhere, the spokesperson said.
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. (JPM) declined to say which branches will be shut.įirst Republic catered to wealthy clients, with branches in ritzy locations including Palm Beach, Florida, Beverly Hills, California and Greenwich, Connecticut.Ī JPMorgan spokesperson told CNN about 100 employees in the branches that are closing will be offered a six-month transition assignment. “Clients should expect to continue to receive the same level of service with seamless access to their money.” “These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office,” JPMorgan said in the statement.
In a statement on Thursday, JPMorgan said a quarter of First Republic’s 84 branches will shut by the end of the year. JPMorgan Chase is pulling the plug on 21 branches acquired during its takeover of failed regional bank First Republic.
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