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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

First Republic Bank executives will forgo 2023 bonuses

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First Republic Bank Photo Credit: Justin Sullivan First Republic Bank Photo Credit: Justin Sullivan
First Republic Bank Photo Credit: Justin Sullivan First Republic Bank Photo Credit: Justin Sullivan

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On Wednesday, First Republic Bank (FRC.N) announced that all senior executives would forgo 2023 incentives and founder and Executive Chair James Herbert will not receive a salary from March 12.

First Republic is exploring strategies to survive a financial crisis that destroyed two US firms.

According to a regulatory filing, bank officials sacrificed 2023 performance-based rewards.

Credit Suisse (CSGN.Sbailout )’s also highlighted banking executives’ incentive pools. Swiss officials limited Credit Suisse bonuses on Tuesday.

After a $30 billion deposit injection into the bank last week failed to reassure investors, First Republic has been negotiating with JPMorgan Chase & Co (JPM.N) to obtain capital; a source told Reuters on Monday.

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GDP p.c.

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