Aftermath of First Republic Bank Takeover: JPMorgan Chase Turns Down 1K Employees

Akanksha Bakshi

Fri, May 26, 2023, 12:11 PM1 min read

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JPMorgan Chase & Co (NYSE: JPM) will not give jobs to some First Republic Bank (OTC: FRCB) employees after the takeover.
JMP notified about 1,000 First Republic Bank employees that they aren’t being given jobs even temporarily, reported Bloomberg.
According to Bloomberg, JP Morgan offered full-time or transitional roles to about 85% of the nearly 7,000 workers still working at First Republic when it failed, while the others were told they would not get offers.
Related: JPMorgan Chase Confident In First Republic Takeover, Raises 2023 NII Guidance by $3B
The source stated that the temporary jobs would be for three, six, nine, or 12 months, depending on the position.
First Republic Bank, now under the control of JPMorgan following a seizure by regulators, was known for its ultra-generous employee incentives.
Also Read: ChatGPT Bug Bites JP Morgan: Looks To Develop AI Software For Investment Advice
Former First Republic employees who weren’t offered jobs at JPMorgan “will receive pay and benefits covering 60 days and will be offered a package that includes an additional lump-sum payment and continuing benefits coverage,” a JMP spokesperson stated.
Price Action: JPM shares are trading higher by 0.51% at $136.36 on the last check Friday.

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This article Aftermath of First Republic Bank Takeover: JPMorgan Chase Turns Down 1K Employees originally appeared on Benzinga.com

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Aftermath of First Republic Bank Takeover: JPMorgan Chase Turns Down 1K Employees

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