Just days ago, First Republic Bank boasted of another coup for its wealth-management business: poaching a six-person team from Morgan Stanley in Los Angeles.
That followed hiring sprees targeting Bank of America Corp., JPMorgan Chase & Co., Bank of New York Mellon Corp. and Wells Fargo & Co. — raiding crews in Boston, New York and Palo Alto, California. It reflected how the San Francisco-based bank was rapidly expanding on the back of tech riches.
