JPMorgan's Decision to Cut First Republic Bank's Personal Credit Lines Leads to Layoffs.
Originally Published 2 years ago — by The Information
JPMorgan is discontinuing personal credit lines offered by First Republic Bank to its wealthy client base, which was a key way of attracting customers. Clients are being offered the option to transform their revolving credit lines into fixed-term loans at the same rate for a period of up to five years or pay off their credit lines.