First Republic Bank faces massive job cuts after JPMorgan acquisition.

About 1,000 employees of First Republic Bank are being laid off after it was seized by regulators and acquired by JP Morgan Chase. The vast majority of First Republic employees were offered jobs by JPMorgan, meaning that about 15% of the bank's employees were laid off. First Republic Bank became the second-largest bank failure in U.S. history, and regulators sold all of its deposits and most of its assets to JPMorgan Chase to restore order after three banks collapsed and threatened to undermine faith in the U.S. banking system.