First Republic Bank employees had salaries over $10M before collapse: report
First Republic Bank was paying dozens of employees more than $10 million a year in the last days before its collapse. Bloomberg News reported On Thursday, referring to people familiar with the matter, D.
Earlier this month, JPMorgan Chase paid the Federal Deposit Insurance Corp. $10.6 billion to take control of most of First Republic’s assets, in a deal to resolve the biggest U.S. bank failure since the 2008 financial crisis. agreed to do
Although First Republic was widely known for rewarding staff generously, some potential defenses emerged when the FDIC gave access to the bank’s data room days before the agency’s emergency intervention on May 1, according to a Bloomberg report. Operators were surprised by the compensation figures.