JPMorgan Chase & Co has notified nearly 1,000 First Republic Bank employees that they will no longer have a job as it integrates the failed lender it bought earlier this month, a person familiar with the matter told Reuters on Thursday.
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segarhas notified nearly 1,000 First Republic Bank employees that they will no longer have a job as it integrates the failed lender it bought earlier this month, a person familiar with the matter told Reuters on Thursday.
"We've been transparent with their employees and kept our promise to update them on their employment status within 30 days," JPMorgan said in an emailed statement. "In connection with any job losses, we would emphasize that in the normal course, JPMorgan hires tens of thousands of people in the United States each and every year, which means that there will be many opportunities for career redeployment," Jeremy Barnum, JPMorgan's chief financial officer, told reporters on May 1 when the deal was announced.
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