JPMorgan Chase to Close 25% of First Republic Bank Branches, Lay Off 1,000 Employees

JPMorgan Chase acquired First Republic Bank after it went bankrupt and will close 21 of its 84 branches by the end of the year.
About 100 employees in the closing branches will lose their jobs, though some will have temporary assignments for up to six months.
Nearly 1,000 other First Republic employees were informed they will be laid off, while others will have temporary roles ranging from three months to a year.
The closing branches have low activity and are near other First Republic locations, though JPMorgan declined to specify which branches will close.
JPMorgan, the largest US bank, plans to open new branches and improve digital banking after acquiring First Republic, the biggest US bank failure since 2008.