© Reuters JPMorgan Chase (JPM.US) to lay off nearly 1,000 First Republic Bank (FRCB.US) employees
Zhitong Finance APP was informed that it is reported that JP Morgan Chase (NYSE:) (JPM.US) will lay off nearly 1,000 First Republic Bank (OTC:) (FRCB.US) employees. JPMorgan has offered transition or full-time positions to 85 percent of First Republic’s nearly 7,000 employees, the sources said. Temporary job tenures range from three months to one year, depending on the specific position.
“We have been transparent with their employees and have followed through on our commitment to update their employment status within 30 days,” JPMorgan said in an emailed statement.
Employees who have not yet secured positions will receive 60 days of wages and benefits and will receive separation compensation including an additional lump sum payment and continued benefit protection, the bank said.
It is reported that First Republic Bank was taken over by US regulators in early May and sold to JPMorgan Chase, becoming the largest bank failure in the United States since 2008.
JPMorgan Chief Financial Officer Jeremy Barnum said in announcing the acquisition of First Republic on May 1: “With regard to any layoffs, we want to emphasize that under normal circumstances, JPMorgan hires tens of thousands of people in the United States every year, which means There will be a lot of opportunities for reemployment.”
JPMorgan currently has more than 13,000 job openings, sources said.
Shareholders continued to dump First Republic shares despite a $30 billion deposit bailout from 11 big banks. Depositors withdrew $100 billion from First Republic accounts in the first quarter of this year, pushing the bank to the brink of bankruptcy.