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 Buffalo Breeze.

More Information

55 ℉

Mostly Cloudy in Buffalo

Business

Section

Nasdaq Composite drops 208 points Tuesday

NEW YORK, New York - There was a major bust on Wall Street on Tuesday as investors continued to fret ...

UAW stir hits GM, Stellantis dealers, customers with parts shortage

DETROIT, Michigan: This week, the United Auto Workers (UAW) expanded its members' strike to include dealers selling and servicing General ...

Toyota aiming for over 600,000 electric vehicles by 2025

TOKYO, Japan: Toyota Motor (7203.T) is ramping up its production of electric vehicles (EVs) under both the Toyota and luxury ...

240,000 Ford EcoSport SUVs being investigated for oil pump failures

WASHINGTON D.C.: After consumer complaints of oil pump failures, the National Highway Traffic Safety Administration's (NHTSA) Office of Defects Investigation ...

U.S. stocks make minor gains, Nasdaq Composite climbs 60 points

NEW YORK, New York - With no major news Monday, and nothing on the horizon, U.S. stocks remained little moved, ...

US Federal Reserve cutting 300 people from payroll

WASHINGTON D.C.: In a small but rare reduction to its headcount, which has grown steadily since 2010, the US Federal ...

United States

Section