Largest US Lender JP Morgan Announces First Republic Branch Closures Amid Expansion Plans

JP Morgan Chase & Co (NYSE:JPM) looks to shut 21 branches of First Republic Bank by 2023 as it integrates the failed lender into its operations.
The locations account for about a quarter of First Republic's 84 branches across eight states, Reuters cites a company spokesperson.
These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office, the spokesperson said.
Also Read: ChatGPT Bug Bites JP Morgan: Looks To Develop AI Software For Investment Advice
JP Morgan will offer six-month transition assignments to close to 100 employees affected by the branch closures.
After that, they will be eligible to apply for other roles at JP Morgan, which currently has 13,000 vacancies.
Last week, JP Morgan informed nearly 1,000 First Republic Bank employees would lose their jobs. Some others have been offered temporary roles for three months to a year.
The lender, the largest to collapse since the 2008 financial crisis, was seized by regulators in May and sold to JP Morgan.
JP Morgan is the largest U.S. lender, with plans to invest in opening more locations while also expanding its digital offerings.
Price Action: JPM shares traded higher by 1.47% at $137.70 on the last check Thursday.