JPMorgan announces closure of 21 US First Republic Bank bank branches

Robert Besser
06 Jun 2023, 01:52 GMT+10

As part of the JPMorgan Chase & Co's efforts to integrate First Republic Bank into its operations, it will shut 21 branches of the failed lender by the end of 2023
The largest bank to collapse since the 2008 financial crisis, First Republic was seized by regulators in May and sold to JPMorgan
Last week, some of the branch employees were offered temporary roles for periods ranging from three months, but nearly 1,000 were notified that they will be made redundant

NEW YORK CITY, New York: A JPMorgan Chase & Co spokesperson has confirmed that as part of the bank's efforts to integrate First Republic Bank into its operations, it will shut 21 branches of the failed lender by the end of 2023.

The largest bank to collapse since the 2008 financial crisis, First Republic was seized by regulators in May and sold to JPMorgan.

About a quarter of First Republic's 84 branches across eight states will be affected, the spokesperson said, stating, "These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office."

The 8 states impacted by the decision are California, Connecticut, Florida, Massachusetts, New York, Oregon, Washington, and Wyoming.

Last week, some of the branch employees were offered temporary roles for periods ranging from three months, but nearly 1,000 were notified that they will be made redundant.

The largest lender in the US, JPMorgan has more than 296,000 employees and 4,800 branches.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Carolina Daily.

More Information

60 ℉

Partly Cloudy in Statesville

US Business

Section

Nasdaq Composite tumbles 209 points after Fed leaves rates unchanged

NEW YORK, New York - Interest rates could stay higher for longer, but there is the possibility of rate cuts ...

Federal Reserve losses surpass $100 billion, and still rising

WASHINGTON D.C.: Last week, the Federal Reserve said its losses surpassed the US$100 billion mark and will likely continue to ...

Wall Street falls ahead of Federal Reserve interest rate decision

NEW YORK, New York - U.S. investors fretted Tuesday while the U.S. central bank deliberated on whether to hike interest ...

Shaky consumer trust, labor cost hit holiday hires by US retailers

CHICAGO, Illinois: According to a report released by global outplacement and executive coaching firm Challenger, Gray & Christmas, U.S. retailers ...

U.S. stocks quiet ahead of Federal Reserve meeting on Tuesday

NEW YORK, New York - U.S. stocks stocks were quiet and little changed Monday, ahead of the Federal Reserve's monthly ...

Northrop Grumman, Lockheed sanctioned by China for sales to Taiwan

BEIJING, China: U.S. aerospace and defense firms Northrop Grumman and Lockheed Martin have been sanctioned by China for selling weapons ...

US

Section