JPMorgan cuts 1000 jobs at First Republic Bank.

JPMorgan Chase & Co has notified almost 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. JPMorgan has offered employment to about 85% of First Republic's almost 7,000 employees for transitional or full-time roles. Temporary positions would last an estimated three months to a year, depending on the job. 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 continuing benefits coverage.