JPMorgan Chase & Co, the American multinational financial services company, is the largest bank in both the United States and the world. With its headquarters in the bustling streets of New York City, it is recognized as a systemically important institution by the Financial Stability Board.
JPMorgan Chase informed approximately 1,000 employees of defunct First Republic Bank that their positions will no longer be available. This announcement comes shortly after JPMorgan acquired a majority of First Republic’s assets, following the government’s seizure of the San Francisco-based regional bank on May 1 2023.
The CNN report further disclosed that a substantial majority, nearly 85% of First Republic’s workforce, have been extended offers for transitional or full-time roles within the organization.
The Federal Deposit Insurance Corporation (FDIC) oversaw a bidding process after regulators shut down First Republic, with JPMorgan emerging as the successful bidder, with a substantial payment of $10.6 billion to the corporation.