First Republic Expands Commitment To Employee Success
First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced it has raised its minimum wage for all employees to $30 per hour.
Effective March 28, 2021, the increase applies equally to all of First Republic markets. First Republic established a minimum wage of $20 per hour in January 2016 and raised it to $25 per hour in October 2018. In addition, First Republic is increasing the wages of its employees who currently earn an hourly rate between $30.00-$36.00.
“Our commitment to exceptional client service has always begun with our colleagues,” said Jim Herbert, Founder, Chairman and CEO of First Republic Bank. “Offering one of the highest minimum wages, plus a very full range of benefits takes very good care of our colleagues and influences our ability to serve clients and communities.”
In addition to highly competitive compensation, First Republic also offers comprehensive medical, dental, 401(k) and other employee benefits, including an employee stock purchase plan, employee home loan program, parental leave, a wellness stipend, student loan repayment, tuition assistance, and professional development.
About First Republic Bank
Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index. For more information, visit firstrepublic.com.
Andrew Greenebaum / Lasse Glassen
Addo Investor Relations
Blue Marlin Partners