NEW YORK CITY, New York: A JPMorgan Chase & Co spokesperson has confirmed that as part of the bank's efforts to integrate First Republic Bank into its operations, it will shut 21 branches of the failed lender by the end of 2023.
The largest bank to collapse since the 2008 financial crisis, First Republic was seized by regulators in May and sold to JPMorgan.
About a quarter of First Republic's 84 branches across eight states will be affected, the spokesperson said, stating, "These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office."
The 8 states impacted by the decision are California, Connecticut, Florida, Massachusetts, New York, Oregon, Washington, and Wyoming.
Last week, some of the branch employees were offered temporary roles for periods ranging from three months, but nearly 1,000 were notified that they will be made redundant.
The largest lender in the US, JPMorgan has more than 296,000 employees and 4,800 branches.