First Republic hit with 1,000 job cuts after California bank was seized and sold to JPMorgan

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% of the bank's employees laid off.

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