JPMorgan to close 21 First Republic Bank branches

First Republic Bank

01/06/2023 14:30

By Nupur Anand
       NEW YORK, June 1 (Reuters) - JPMorgan Chase & Co  JPM.N 
will shut 21 branches of First Republic Bank by the end of the
year as it integrates the failed lender into its operations, a
JPMorgan spokesperson said on Thursday.
    The locations account for about a quarter of First
Republic's 84 branches across eight states. 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," the spokesperson said.
    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. 
    JPMorgan is the largest U.S. lender, with more than 296,000
employees and 4,800 branches. It plans to invest in opening more
locations while also expanding its digital offerings, executives
told investors last month.

 (Reporting by Nupur Anand in New York; Editing by Lananh Nguyen
and Christopher Cushing)
 ((Nupur.Anand@thomsonreuters.com; +1 646 240 2975;))