NEW YORK—About 1,000 employees of First Republic Bank are being let go about a month after it was seized by regulators and acquired by JP Morgan Chase.
The vast majority of First Republic employees, roughly 7,200 before it ran into trouble, were offered jobs by JPMorgan, meaning that about 15 percent of the bank’s employees laid off.
When First Republic failed and was bought by JPMorgan on May 1, JPMorgan executives said they planned to take 30 days to figure out new roles for the First Republic employees and that not every employee would be guaranteed a job.
“We recognize that they have been under stress and uncertainty since March and hope that today will bring clarity and closure,” the bank said in a written statement….