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.

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