JP Morgan has informed at least 1,000 First Republic Bank employees that they will not join after JP Morgan's takeover. Most employees had been identified as part of First Republic's planned cuts but were not notified when the bank failed.
According to sources, JP Morgan offered full-time or transitional positions to almost 85 percent of employees working at First Republic when the bank collapsed. The temporary positions will range from three, six, nine, or twelve months depending on the particular role.
A spokesperson told ThinkAdvisor that the employees who were not offered jobs would receive pay and benefits for 60 days and a package that includes an additional lump-sum payment and continuing benefits coverage.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
