(Bloomberg) -- JPMorgan Chase & Co. plans to close 21 First Republic Bank branches by the end of the year, representing about a fourth of the locations the Wall Street giant acquired in its takeover of the failed California lender.
The locations being shuttered are spread across eight US states, according to a spokesperson for New York-based JPMorgan. The bank took over 84 First Republic branches when it bought San Francisco-based First Republic a month ago.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
“These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office,” the JPMorgan spokesperson said in an emailed statement. “Clients should expect to continue to receive the same level of service with seamless access to their money.”
The closures will impact about 100 employees, who will be offered six-month transition assignments before becoming eligible to apply for other roles at JPMorgan, Reuters reported earlier Thursday. The announcement comes a week after the bank notified nearly 1,000 First Republic employees that they wouldn't be given jobs — even temporarily — at the combined company.
Read More: JPMorgan Jettisons 1,000 First Republic Employees in Takeover
JPMorgan beat out rivals in a government-led auction for First Republic. As part of its winning bid, JPMorgan acquired about $173 billion of First Republic's loans, $30 billion of securities and $92 billion in deposits. First Republic was the second-biggest bank failure in US history, and the fourth regional lender to collapse since early March.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.