JPMorgan had offered jobs to the vast majority of the First Republic’s roughly 2,700 employees before it witnessed unrest, meaning 15% of the bank’s employees were laid off.
The First Republic had already cut 25% of its workforce before the JP Morgan takeover.
The bank said employees who have not been offered a job at JPMorgan will receive pay and additional benefits equivalent to 60 days.
Additional payouts for freed people are based on their time with the First Republic.
The Crisis of the First Republic, headquartered in San Francisco, is the second largest bank failure in US history.
Regulators sold all of its deposits and most of its assets to JPMorgan, after the collapse of three banks, including Signature and Silicon Valley, threatened to undermine confidence in the US banking system.
These banks stood out for their large deposits from uninsured customers and for the technology industry, which was hit by high interest rates that made borrowing more expensive.
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