About 1,000 employees of First Republic Bank are being let go about a month after it was seized by regulators and acquired by JP Morgan Chase.
The vast majority of First Republic employees, roughly 7,200 before it ran into trouble, were offered jobs by JPMorgan, meaning that about 15% of the bank's employees were let go.
First Republic cut roughly 25% of its workforce before JPMorgan stepped in. Bank employees that are not being offered jobs at JPMorgan will get an additional 60 days of pay and benefits, the bank said. Additional payments to those being let go will be based on how long they worked at First Republic.
