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

By KEN SWEET
AP Business Writer

NEW YORK (AP) — 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. JP Morgan said Friday that the vast majority of First Republic employees, roughly 7,200 before it ran into trouble, were offered jobs. First Republic Bank, based in San Francisco, became the second-largest bank failure in U.S. history. Regulators sold all of its deposits and most of its assets to JPMorgan Chase to restore order after three banks, including Signature and Silicon Valley banks, collapsed and threatened to undermine faith in the U.S. banking system.