Market: JPMorgan to close 21 branches of First Republic Bank

(Reuters) – JPMorgan will close 21 branches of First Republic Bank by the end of the year as part of the process to integrate the bankrupt regional bank, a JPMorgan spokesman said on Thursday.

These agencies represent about a quarter of First Republic’s 84 branches across eight states. First Republic, the largest banking group to enter bankruptcy since the 2008 financial crisis, was seized by regulators in May and sold to JPMorgan.

“These sites have relatively low transaction volumes and are typically located near another First Republic office,” the spokesperson said.

About a hundred employees affected by the branch closures will be offered six-month transition assignments. They can then apply for other vacancies at JPMorgan, which currently has some 13,000.

Last week, nearly 1,000 employees were told they would lose their jobs, according to a source familiar with the situation, while others were offered temporary positions for periods ranging from three months to a year. .

(Report Nupur Anand in New York, French version Augustin Turpin, edited by Blandine Hénault)

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