Senior Politics Editor

Annie Gaus

The bank’s some 7,200 employees will learn by the first week of June whether they’ll be offered a job at JPMorgan Chase. 

The announcement marks a precipitous fall for First Republic, which saw its stock price fall by more than 95% from the beginning of the year.


First Republic is one of several banking stocks coming under pressure after the collapse of Silicon Valley Bank.


Instability at the region’s third-largest bank could further damage the local economy.

The San Francisco-based bank suffered another blow on Sunday after S&P Global Inc. downgraded its long-term issuer credit rating from BB+ to B+.