Bloomberg Law
March 22, 2023, 7:55 PM

First Republic Leaders Forgo Bonuses, Some Pay Amid Turmoil (2)

Hannah Levitt
Hannah Levitt
Bloomberg News

First Republic Bank’s leaders agreed to forgo 2023 bonuses and some other pay as the company, which has lost more than 88% of its market value this year, grapples with a crisis in confidence in some regional banks.

The decision was made “in light of the recent volatility in the banking system and its subsequent impact on First Republic Bank, and in order to foster closer alignment with the shareholder experience, and signal commitment,” the firm said Wednesday in a filing.

In addition to waiving bonuses for the current year, all executive officers also forfeited vesting in 2023 ...

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