Largest US Lender JP Morgan Announces First Republic Branch Closures Amid Expansion Plans
Portfolio Pulse from Anusuya Lahiri
JP Morgan Chase plans to close 21 branches of First Republic Bank by 2023, accounting for a quarter of its 84 branches. The closures are part of JP Morgan's integration of the failed lender into its operations. Affected employees will be offered six-month transition assignments and can apply for other roles at JP Morgan.
June 01, 2023 | 3:47 pm
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JP Morgan plans to close 21 First Republic Bank branches by 2023 as part of its integration process. Affected employees will be offered transition assignments and can apply for other roles at JP Morgan.
The branch closures are part of JP Morgan's integration of First Republic Bank into its operations. While this may lead to short-term disruptions, it is unlikely to have a significant impact on the stock price in the short term. The company is offering transition assignments to affected employees, which may help mitigate potential negative effects on its workforce.
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