About 1,000 employees of First Republic Bank are being let go about a month after the bank was seized by regulators and acquired by JPMorgan Chase.
The vast majority of First Republic employees, roughly 7,200 before it ran into trouble, were offered jobs by JPMorgan, but about 15% of the bank’s employees are being laid off.
When First Republic failed and was bought by JPMorgan on May 1, JPMorgan executives said they planned to take 30 days to figure out new roles for the First Republic employees and that not every employee would be guaranteed a job.