The locations account for about a quarter of First Republic’s 84 branches across eight states.
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. First Republic which was the largest to collapse since the 2008 financial crisis, was seized by regulators in May and sold to JPMorgan.After that, they will be eligible to apply for other roles at JPMorgan, which currently has 13,000 vacancies., 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.
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