Business & Tech
JPMorgan Chase Eliminates 335 Jobs In San Francisco
The contract workers have been with the company since the collapse of First Republic Bank in May of last year.
SAN FRANCISCO — JPMorgan Chase is eliminating 335 jobs in San Francisco, according to reports. The contract employees will be out of work early next year.
The workers are all former employees of First Republic Bank, which JPMorgan acquired after First Republic was closed by the California Department of Financial Protection and Innovation on May 1, 2023, with the Federal Deposit Insurance Corporation (FDIC) appointed as Receiver.
A JPMorgan spokesperson told the San Francisco Chronicle that the impacted employees were on 18-month contracts following the acquisition. "These employees were on temporary assignment to support the remainder of the integration," the spokesperson said.
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The job cuts span technology, operations, customer service, and other positions. The cuts are expected to begin on Jan. 10, following a mandatory warning time of 60 days.
Impacted workers will receive severance pay, according to SFGate.
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Following the cuts, JPMorgan Chase will have 3,000 employees in San Francisco, with another 3,800 scattered around the rest of the Bay Area.
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