First Republic Bank paid some employees salaries of more than $10 mln before collapse - Bloomberg News

First Republic Bank

25/05/2023 15:02

May 25 (Reuters) - First Republic Bank was paying dozens
of employees more than $10 million apiece annually in the heyday
before its collapse, Bloomberg News reported on Thursday, citing
people familiar with the matter.
    Earlier this month, JPMorgan Chase & Co  JPM.N  agreed to
pay $10.6 billion to the Federal Deposit Insurance Corp (FDIC),
to take control of most of First Republic's assets, in a deal to
resolve the largest U.S. bank failure since the 2008 financial
crisis.
    Though First Republic was widely known for offering generous
rewards to staff, some potential rescuers were surprised by the
compensation figures on display when the FDIC granted access to
the bank's data room days before the agency's emergency
intervention on May 1, according to the Bloomberg report.

 (Reporting by Shubhendu Deshmukh in Bengaluru; Editing by
Shounak Dasgupta)
 ((ShubhenduSatish.Deshmukh@thomsonreuters.com))