First Republic Bank paid some employees salaries of more than $10 million before collapse – Bloomberg News

(Reuters) – First Republic Bank was paying dozens of employees more than $10 million apiece annually in the heyday before its collapse, Bloomberg News reported on Thursday, citing people familiar with the matter.

Earlier this month, JPMorgan Chase & Co agreed to pay $10.6 billion to the Federal Deposit Insurance Corp (FDIC), to take control of most of First Republic’s assets, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis.

Though First Republic was widely known for offering generous rewards to staff, some potential rescuers were surprised by the compensation figures on display when the FDIC granted access to the bank’s data room days before the agency’s emergency intervention on May 1, according to the Bloomberg report.

(Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Shounak Dasgupta)