JP Morgan Chase to shut 21 First Republic branches -
By Frank Prenesti
Date: Thursday 01 Jun 2023
(Sharecast News) - JPMorgan Chase & Co plans to shut around a quarter of First Republic Bank's 81 branches by the end of the year as part of its integration of the failed lender into its business, a spokesperson said on Thursday.
The lender, which was the largest to collapse since the 2008 financial crisis, was seized by regulators in May and sold to JPMorgan.
"These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office," Reuters quoted the spokesperson as saying.
About 100 employees who are affected by the branch closures will be offered six-month transition assignments. After that, they will be eligible to apply for other roles at JPMorgan, which currently has 13,000 vacancies.
Last week, nearly 1,000 employees were notified that they would lose their jobs, according to a source familiar with the situation, while some others have been offered temporary roles for periods ranging from three months to a year.
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