JPMorgan Chase will eliminate 335 contract positions across two San Francisco offices, according to city regulatory filings. The cuts strike workers who had inherited their roles through the bank’s acquisition of First Republic during last year’s regional banking collapse.
The layoffs land at a sensitive moment for San Francisco’s financial district. Office vacancy rates remain elevated, and major employers continue recalibrating their Bay Area footprints. JPMorgan’s move signals the end of an 18-month integration period following its emergency purchase of the failed lender in May 2023.
Contract employees at 111 Pine St., the bank’s newly opened Financial Center, account for 80 of the affected positions. Another 255 workers will depart from 1 Front St., the former First Republic headquarters. Both sites previously housed First Republic operations absorbed during the acquisition.
A company spokesperson said the affected staff members were temporary contractors supporting integration work. They numbered among roughly 1,000 workers notified in May 2023 that their roles would sunset. All had the opportunity to pursue one of 13,000 open positions within the firm.
“These employees were on temporary assignment to support the remainder of the integration,” the spokesperson stated.
The job cuts span operations, customer service, technology, administrative, financial services, and IT functions. JPMorgan filed formal notice on Nov. 8, with terminations beginning Jan. 10. Workers receive a 60-day notice window before their positions end permanently.
Severance, outplacement services, and additional benefits will apply to those affected.
JPMorgan currently employs 6,800 people across the Bay Area, including 3,000 in San Francisco. The layoffs represent a fraction of that workforce but mark a definitive close to the First Republic transition chapter.
