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JPMorgan notifies some First Republic employees of job losses -source

May 25 (Reuters) ̵[ads1]1; JPMorgan Chase & Co ( JPM.N ) has notified nearly 1,000 First Republic Bank employees that they will no longer have a job as it integrates the failed lender it bought earlier this month, a person said is familiar with the matter. Reuters Thursday.

JPMorgan, the largest U.S. bank, has offered employment to about 85% of First Republic’s nearly 7,000 employees for transitional or full-time roles, the source said. Temporary positions will last an estimated three months to a year, depending on the job, the person said.

“We have been transparent with their employees and kept our promise to update them on employment status within 30 days,” JPMorgan said in an emailed statement.

Employees who have not been offered roles will receive pay and benefits for 60 days and be offered packages that include additional lump sum payments and continued benefit coverage, the bank said.

First Republic became the largest US bank to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May.

“In connection with job losses, we would like to emphasize that JPMorgan normally employs tens of thousands of people in the United States each and every year, which means that there will be many opportunities for career relocation,” Jeremy Barnum, JPMorgan’s. CFO, told reporters May 1 when the deal was announced.

There are more than 13,000 current vacancies at JPMorgan, the source said.

First Republic was under siege during the banking crisis in March when depositors fled en masse, spooked by the collapse of two other mid-sized lenders.

Despite receiving a $30 billion deposit from 11 major banks, shareholders continued to sell First Republic stock. Depositors withdrew $100 billion from their accounts with the lender in the first quarter, pushing it toward collapse weeks later.

Bloomberg News was the first to report the job losses.

Reporting by Nupur Anand in New York and Manya Saini in Bengaluru; Editing by Anil D’Silva and Deepa Babington

Our standards: Thomson Reuters Trust Principles.

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