JPMorgan Chase informed about 1,000 First Republic Bank employees on Thursday that they will no longer have jobs. That leaves 15%, or about 1,000, First Republic employees who are not receiving an employment offer. It’s not clear how many First Republic employees that have been offered employment at JPMorgan will have full-time versus transitional roles. The transitional roles being offered to some First Republic employees will last for a period of between three and 12 months, JPMorgan said. Some progressives including Sen. Elizabeth Warren, D-Mass., have been critical of the First Republic deal because it allowed America’s biggest bank to get even bigger.

Source: CNN May 26, 2023 19:14 UTC