First Republic Bank said on Wednesday all its executive officers have decided to take no annual bonuses for 2023, and founder and Executive Chair Jim Herbert will draw no salary effective March 12.
A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar/File Photosaid on Wednesday all its executive officers have decided to take no annual bonuses for 2023, and founder and Executive Chair Jim Herbert will draw no salary effective March 12.
The disclosure comes as First Republic explores ways to stay in business amid a banking crisis that has already wiped out two lenders in the United States. The bank's executives have also forfeited performance-based incentives vesting in 2023, according to a regulatory filing.
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