The head count reductions, which are the bank’s second round within six months, will spare wealth management teams, including advisors.
The downgrade reflects S&P’s expectation that CI will operate with debt of 4 to 5 times EBITDA over the next year.
The failed bank, which had about $290 billion in wealth management assets, will increase JPMorgan’s reach to high-net-worth clients in what it deems attractive locations.
Investors have filed more than 140 shareholder resolutions this year, pressing companies to improve employees’ health and safety.
Naratil will become the firm's chief financial officer and lead the division that will oversee the Credit Suisse merger, a Swiss newspaper reports.
JPMorgan and the FDIC, which orchestrated the sale, agreed to share the burden of losses, as well as any recoveries, on the firm's single-family and commercial loans.
The bidding process could pave the way for a tidier sale of First Republic than the drawn-out auctions that followed the failures of Silicon Valley Bank and Signature Bank last month.
The bank's stock fell amid speculation that a takeover by regulators, while not the only possibility in play, is becoming more likely.
The measure the House passed would require broad spending cuts in return for raising the nation's debt limit, and Biden says he won't entertain strings-attached bargaining to raise the limit.
The firm's advisors have lined up possible purchasers of new shares in the bank as part of a rescue plan.
