JPMorgan Chase's layoff of 335 former First Republic employees marks a significant downsizing as the megabank integrates the assets acquired from the failed institution.
As said by JPMorgan Chase spokesperson Peter Kelley, "These employees were on temporary assignment to support the remainder of the integration..." signaling a planned transition from First Republic to JPMorgan.
In the wake of First Republic Bank's failure, JPMorgan's acquisition and subsequent layoffs highlight the ongoing challenges in the banking sector after significant deposit losses.
The WARN notice informs that most layoffs will begin on Jan. 10, 2025, primarily affecting those involved in technology, marketing, and operations.
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