JPMorgan Chase is cutting about 1,000 First Republic employees following its rushed takeover of the California-based bank earlier this month, said people familiar with the matter.
The job losses, which will be felt across all of First Republic’s businesses, are equal to about 15 per cent of its roughly 7,000 workers, the people said.
The cuts are a further blow to First Republic employees who have already had a difficult two months. Following the collapse of Silicon Valley Bank and Signature Bank in March, customers of First Republic withdrew tens of billions of dollars of deposits. First Republic was ultimately shuttered as US regulators orchestrated its sale over a weekend to JPMorgan.
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