Finance
First Republic’s $35 Million Banker Outearned JPMorgan’s Dimon Before Bust
- Incentives for staff minted dozens of $10 million pay packages
- Spree of lending to wealthy homebuyers toppled firm, hit FDIC
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First Republic Bank made its name catering to wealthy clients across California and New York, reeling in many with unusually sweet mortgages that eventually doomed the firm.
The system made its employees rich, too.