Jpmorgan plans to integrate the failed First Republic Bank into its operations, and as a result, the bank will close 21 branches of First Republic Bank by the end of the year, a jpmorgan spokesman said Thursday.

The closures represent about a quarter of the bank's 84 branches in eight states. It is the biggest bank failure since the 2008 financial crisis. In May, the bank was seized by regulators and later sold to jpmorgan.

"The branches closed have relatively low trading volumes and are usually a short drive from other branches of the bank," the spokesman said.

About 100 staff affected by the branch closure will be offered transitional placements for six months. They will then be eligible to apply for other jobs at jpmorgan. Jpmorgan currently has 13,000 job openings.

Last week, nearly 1,000 employees received layoff notices, while others were offered temporary jobs lasting three months to a year, according to people familiar with the matter.

Jpmorgan is the largest bank in the US, with more than 296,000 employees and 4,800 branches. Company executives revealed last month that jpmorgan plans to invest in opening more stores while expanding its digital services and product offerings.