Lavish incentives sink First Republic Bank
Edited By WION Video Desk
Published: May 26, 2023, 05:45 IST | Updated: May 26, 2023, 05:45 IST
First Republic Bank, known for catering to affluent clients in California and New York, was once a thriving institution. However, its undoing came in the form of unusually sweet mortgages and jaw-dropping compensation for its employees. The collapse of the San Francisco-based bank, now under the control of JP Morgan chase, has left regulators stunned and the industry questioning the role of incentives.
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