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 bank offered full-time or transitional roles to almost 85 percent 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 Bloomberg News. The temporary jobs will be for three, six, nine or 12 months, depending on the position, reported Bloomberg. Employees who weren’t offered jobs at JPMorgan will receive pay and benefits covering 60 days and will be offered a package that includes an additional lump-sum payment and continuing benefits package, said a spokesperson, according to Bloomberg.