from purchasing First Republic, which has consumer bank branches in many well-to-do cities, including Los Angeles and New York City. The San Francisco bank also has a strong record catering to customers JPMorgan is eager to attract, including startups and their founders.
The bank on Monday told investors that its purchase of First Republic was already paying off. The bank said it expects net interest income, or the margin between what a bank pays on deposits and what it earns on loans,The bank also said it expects to close some First Republic branches, including those that are too near each other or to JPMorgan branches.
"Since our acquisition of First Republic on May 1, we've been transparent with their employees and kept our promise to update them on their employment status within 30 days," the JPMorgan statement said."We recognize that they have been under stress and uncertainty since March and hope that today will bring clarity and closure."Subscribe to push notifications