According to an article in a well-known publication, First Republic Bank (FRC) creator James Herbert and his family received substantial financial compensation. According to the exclusive story, their salaries at the 14th largest bank in the United States totaled in the millions of dollars. The share price of First Republic fell by more than 90 percent in the previous three weeks. Rich people are fleeing the bank out of dread that something similar to what happened at Silicon Valley Bank will happen to them.
According to disclosures made by the bank in 2021, former First Republic CEO and current executive chairman Mr. Herbert earned $17.8 million that year, as revealed exclusively by the Wall Street Journal.
In 2021, Mr. Herbert’s son was paid $3.5 million to manage a lending business at First Republic Bank, while Mr. Herbert’s brother-in-law was paid $2.3 million for advisory work. The news source also cited 2020 bank records stating that two family members had received payments of the same sum.
The WSJ discovered that Mr. Herbert’s salary was significantly higher than average for organizations of a similar size.
Here is the WSJ-supported analysis we ran.
Mr. Herbert—First Republic Bank with $212 billion assets at the end of 2022—paid $17.8 million in 2021.
CEO—Bank of New York Mellon with $324 billion in assets—paid $9.3 million in 2021.
CEO—Silicon Valley Bank with $209 billion in assets—paid $9.9 million.
The WSJ noted that First Republic Bank paid its then CEO Mr. Herbert a remuneration that was close to those of larger banks and quoted the following salaries, according to the annual proxy fillings of the banks.
CEO—US Bancorp—$19.1 million in 2021.
CEO—Citigroup—$20.5 million.
Mr. Herbert’s family members also received large payouts when compared with the remuneration earned by family members of top executives of midsize and large banks.
The WSJ reported that disclosures showed that these family members were “typically paid less, often under $250,000” while Mr. Herbert’s son received $3.5 million and Mr. Herbert’s brother-in-law James Healy received $2.3 million as earnings.
On Wednesday, First Republic Bank said that Mr. Herbert and a few other top executives would take zero bonuses in 2023. Mr. Herbert, who founded First Republic Bank in 1985, will also take no salary for 2023 and would forgo some previous stock awards that were given to him by the bank.
CWEB has provided some information for this story.
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