First Republic Bank in the US reduces workforce by 1,000 employees

The Associated Press reported that about 1,000 First Republic bank employees were fired about a month after it was acquired by JPMorgan.

JPMorgan offered jobs to the vast majority of the First Republic’s roughly 2,700 employees prior to the riots, meaning that 15% of the bank’s employees were fired.

The First Republic cut 25% of its workforce before the JPMorgan takeover.

The bank confirmed that employees who were not offered a job at JP Morgan will receive additional wages and benefits equivalent to 60 days.

He also explained that additional payments to those who are laid off depend on their time in the First Republic.

The First Republic bank crisis, which was based in San Francisco, is the second largest bank failure in the history of the United States.

After the crisis, regulators sold all of its deposits and most of its assets to JPMorgan following the collapse of three banks that damaged confidence in the US banking system.

Source: AB

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