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May 25 (Reuters) – JPMorgan Chase & Co ( JPM.N ) has announced that about 1,000 First Republic Bank employees will be out of a job as it merges the failed lender it bought earlier this month, a person familiar with the matter said. Reuters on Thursday.

The largest US bank, JPMorgan, has offered 85% of First Republic’s nearly 7,000 workers temporary or full-time jobs, the source said. Temporary positions last roughly three months to a year, depending on the job, the person said.

“We have been transparent with employees and kept our promise to update their employment status within 30 days,” JPMorgan said in an emailed statement.

Employees who have not been reassigned will receive 60 days of pay and benefits and will be offered packages that include an additional one-time payment and ongoing benefit coverage, the bank said.

First Republic became the largest US bank to fail since 2008.

“With any job losses, we emphasize that JPMorgan employs tens of thousands of people annually in the United States, which means there will be many opportunities for redeployment,” Jeremy Barnum, JPMorgan’s chief financial officer, told reporters on May 1 when the deal was announced.

There are more than 13,000 job openings at JPMorgan, the source said.

First Republic was besieged by the collapse of two mid-sized lenders in March, when depositors fled en masse during the banking crisis.

Despite receiving $30 billion in deposits from 11 major banks, shareholders continued to sell First Republic stock. Depositors pulled $100 billion from the lender’s accounts in the first quarter, pushing it into bankruptcy weeks later.

Bloomberg News first reported the job losses.

Reporting by Newpur Anand in New York and Manya Sani in Bengaluru; Editing by Anil D’Silva and Deepa Babington

Our Standards: The Thomson Reuters Trust Principles.

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