According to Bloomberg, an unnamed banker at First Republic earned more than J.P. Morgan CEO Jamie Dimon last year.
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This year? Probably not so much…
We once thought JP Morgan was happy to agree to take on the carcass of First Republic Bank because it could get billions in deposits and assets for pennies on the dollar. Now, after learning that one unnamed executive at FRC was actually earning more than Jamie Dimon, we are left to wonder to ourselves if Dimon is even happier to absorb the distressed bank so when he rests his head on the pillow at night, he knows his salary isn’t being bested.
We are, of course, joking (kind of), but the headlines about First Republic executive pay are very real. Bloomberg wrote on Thursday that a number of bank executives were comfortably earning more than $10 million a piece each year. “Dozens” were earning the salary during the banks heydey, the report says.
It also notes the one “unnamed banker” that made more than $35 million last year, noting that Dimon has run JP Morgan for more than 16 years and still isn’t netting a salary that large. An average employee at First Republic made $310,000 per year, thanks to the company’s incentive systems, Bloomberg noted.
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The bank’s recent surge in business was helped along during the pandemic by issuing “jumbo, interest-only mortgages to borrowers with high incomes and credit scores”, which helped the bank double in size in four years, the report says. It was that doubling in size that made it the second largest bank failure in U.S. history.
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