(*21*)JPMorgan Chase will close 21 First Republic Bank branches by the end of the year because it integrates the failed lender into its operations, a JPMorgan spokesman said Thursday.
(*21*)Locations account for a few quarter of the First Republic’s 84 branches in eight states.
(*21*)The lender, which was the biggest bankrupt since the 2008 financial crisis, was taken over by regulators in May and sold to JPMorgan.
(*21*)”These locations have relatively low transaction volumes and are generally inside walking distance of one other First Republic office,” the spokesperson said.
(*21*)The roughly 100 employees affected by the branch closures will receive six-month transition allowances.
(*21*)They will then have the opportunity to use for other positions at JPMorgan, which currently has 13,000 vacancies.
(*21*)Last week, nearly 1,000 employees were notified they’d lose their jobs, in accordance with a source accustomed to the situation, while others were offered temporary jobs for 3 months to a year.
(*21*)JPMorgan is the largest lender in the US with over 296,000 employees and 4,800 branches.
(*21*)It plans to speculate in opening more locations while expanding its digital offerings, executives told investors last month.