JPMorgan Chase & Co has intimated about 1000 First Republic Bank employees that they will not have a job as the banking giant integrates the failed lender which it bought earlier in May, said Reuters citing a person familiar with the matter.

JPMorgan Chase intimates around 1000 employees of First Republic Bank about their job loss

First Republic Bank’s shares plunged nearly 40 per cent on Friday as the California-based bank closed on to yet another week of the loss of the financial heft it once bossed over.

First Republic Bank nears collapse as US regulator prepares for takeover

Several large banks, including JPMorgan Chase & Co. and PNC Financial Services Group Inc., are reportedly interested to bid for purchasing First Republic Bank. According to reports, US banking regulator Federal Deposit Insurance Corp.

JPMorgan Chase, PNC bid for distressed First Republic as part of FDIC takeover