JPMorgan Jettisons 1,000 First Republic Employees in Takeover

JPMorgan Chase & Co. notified about 1,000 First Republic Bank employees that they aren’t being given jobs — even temporarily — following its takeover of the failed lender.

The biggest US bank on Thursday offered full-time or transitional roles to almost 85% of the nearly 7,000 employees still working at First Republic when it collapsed, while the rest were told they wouldn’t get offers, according to a person with knowledge of the matter. The temporary jobs will be for three, six, nine or 12 months, depending on the position, the person said, asking not to be identified discussing private information. ...