News about James Herbert
In a year, First Republic Bank paid its founder, his son, and his brother-in-law more than $50 million
www.dailymail.co.uk,
March 25, 2023
In 2021, James Herbert, the founder of the First Republic of 1985, was paid $17.8 million as CEO, but heads of similar-sized banks were paid around $9 million. His brother-in-law and his son also profited. All family payments were disclosed, according to a bank spokeswoman. On March 16, First Republic Bank had to be propped up by other banks due to complaints about its stability, but the move has failed to reassure the markets. First Republic Bank is now thought to be investigating other options, and some analysts predict it will sell itself this weekend.