JP Morgan cuts 1,000 jobs after US bank takeover

Wall Street giant JP Morgan Chase is cutting jobs at failed US lender First Republic Bank, after buying the firm this month.

Around 1,000 roles, or 15%, of First Republic's workforce will be cut, the BBC understands.

Also this week, First Citizens, which bought the US unit of another troubled lender, announced job cuts.

Earlier this year, problems at US regional banks triggered fears about a more widespread crisis.

JP Morgan confirmed that it was cutting roles that were held by workers at the San Francisco-based bank but did not put a figure on the job losses.

The affected employees will receive pay and benefits for 60 days, along with a package which includes a lump sum payment and other benefits.

JP Morgan also said it was assisting them with finding new roles within or outside the company.

"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," a JP Morgan spokesperson said in a statement.

"We recognise that they have been under stress and uncertainty since March and hope that today will bring clarity and closure," the spokesperson added.