NOT A GOOD LOOK

First Republic Bank Paid Founder’s Family Millions for Consulting Work: WSJ

This news comes to light after the bank experienced a catastrophic stock crash last week and secured a $30 billion rescue plan.

First Republic Bank’s founder James Herbert, along with his son and brother-in-law, have secured multi-million dollar paydays in recent years, an investigation from The Wall Street Journal revealed Friday. The investigation comes after the bank’s recent catastrophic stock crash, with shares dropping 70 percent last week. Herbert made $17.8 million in 2021, far more than CEOs at similarly-sized banks, according to the Journal. Meanwhile, his son made $3.5 million to oversee a lending unit, and his brother-in-law's consulting company made $2.3 million for advisory work, the Journal reported. Just last week, news also broke that executives at First Republic Bank sold millions of dollars of company stock in the months leading up to the recent crash.