Bad Sign for First Republic: The Chase Branches Next Door
JPMorgan just bought more than 80 branches that have ‘near total’ overlap with its own
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JPMorgan Chase & Co.’s emergency acquisition of First Republic Bank over the weekend meant the troubled lender’s branches opened as usual Monday to keep serving its well-to-do clientele. Will those spots keep opening?
The vast majority of First Republic’s full-service branches — known for their prowess in catering to wealthy people across the greater New York and San Francisco Bay area — are within a mile of existing Chase locations, location data from the Federal Deposit Insurance Corp. show.