First Republic Bank employees will soon learn the fate of their jobs
. First Republic Bank is offering short-term jobs to some of its employees at JPMorgan Chase-owned bank.
The San Francisco Standard, citing a memo sent to employees, reported that JPMorgan Chase told First Republic Bank staff they would soon find out if they had a permanent position, a temporary job for three to twelve months, or if they were being laid off.
First Republic employed 7,200 people nationwide, almost half in the Bay Area. It failed on 1 May and was bought by Chase (NYSE JPM) through a deal negotiated between the Federal Deposit Insurance Corp.
According to a memo sent out on May 11, First Republic employees should be informed of the fate of their job by the first week in June.
JPMorgan Chase is keeping a low profile on its early integration of First Republic. They have only warned customers about scammers pretending to be First Republic or Chase, and trying to take advantage to steal their money.
Chase informed First Republic employees that they will offer severance pay and temporary health care benefits to workers who lose their jobs.
Chase declined to comment Tuesday.
The Chase management hinted at job cuts when they discussed the First Republic acquisition on a May 1 conference call with investors, in which the workforce of the acquired bank was praised.
Jeremy Barnum said that the employees are a vital part of First Republic’s well-known customer service and value proposition. We are committed to treating these people with respect, transparency and care. JPMorgan Chase employs thousands of employees in the United States every year. This means there are many career opportunities.