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.
