First Republic Bank has paid millions of dollars to family members of its founder, James Herbert, for work at the lender, including for consulting services related to interest rates and risk. Herbert, who was CEO before stepping into the executive chairman role last year, received $17.8m in compensation in 2021, more than the CEOs of most similarly sized banks. Herbert's brother-in-law earned $2.3m for advisory work related to investment portfolio, risk management, interest rate and economic outlook and other financial matters in 2021, and Herbert's son was paid $3.5m to oversee a lending unit at the bank. The deals stand out among similar-sized banks, where family members of top executives are typically paid less, often under $250,000.
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