Close to a thousand employees of failed lender First Republic Bank will be rendered jobless, according to a
JPMorgan Chase & Co notice.
JPMorgan bought the failed lender earlier this month and integrating it will see nearly 1,000 First Republic Bank employees being let go.
JPMorgan has offered employment to about 85% of First Republic’s almost 7,000 employees for transitional or full-time roles.
Employees who have not been offered roles will receive pay and benefits for 60 days and be offered packages that include additional lump sum payments and continuing benefits coverage, the bank said.
First Republic became the largest U.S. bank to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May.
