First Republic Bank lays off a thousand of its employees

2023-05-26T20:21:28.009Z

Highlights: JPMorgan had offered jobs to the vast majority of First Republic's roughly 2700,<> employees before it experienced unrest. The crisis at San Francisco-based First Republic is the second largest banking failure in U.S. history. Customers sold all their deposits and most of their assets to JPMorgan after three banks collapsed, shaking confidence in the U.s. banking system. The Associated Press reported that First Republic had cut 25 percent of its staff, noting that employees who were not offered jobs at JPMorgan would receive the equivalent of 60 days of pay.

WASHINGTON-SANA – The U.S. bank First Republic laid off about a thousand of its employees almost a month after Egypt's acquisition.