JPMorgan Lays Off 15% of First Republic Employees Following Acquisition, Offers Most Transitional Roles

• JPMorgan Chase acquired First Republic Bank and laid off 1,000 employees who were not offered roles at the new company.
• of First Republic's 7,000 employees were offered temporary or permanent positions at JPMorgan.
• Laid-off employees will receive 60 days of pay and benefits, as well as additional compensation based on their tenure.
• First Republic was seized by regulators and sold to JPMorgan after suffering major losses during the financial crisis.
• JPMorgan says it has more than 13,000 job openings and will help laid-off employees find new work.

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