First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today announced that it has raised its minimum wage to $25 per hour.
Effective October 14, 2018, this represents a 25 percent increase in the bank’s existing minimum wage, which was $20 per hour since January 2016. California’s minimum wage is $11 for organizations with 26 or more employees, and the national minimum wage set by the federal government is $7.25 per hour.
First Republic is one of the first companies in the U.S. to establish a $25 per hour minimum wage.
“First Republic’s objective is to build a best-in-class team committed to exceptional client service,” said Jim Herbert, CEO of First Republic Bank. “Paying one of the highest minimum wages in all of our markets and providing a full range of benefits is the right thing to do for our employees. It also gives First Republic a competitive advantage in attracting and retaining top talent.”
In addition to highly competitive compensation, First Republic also offers comprehensive medical, dental, 401k and other employee benefits, including the following:
- Education repayment and financing benefits through its Gradifi subsidiary, including student loan repayment and 529 college savings contributions.
- Fully paid parental and child bonding leave for employees, along with family and new parent support services.
- A wellness stipend for employees to promote good health.
- An employee stock purchase program, along with mortgage and student loan refinance discounts.
- Two paid days per year to volunteer with nonprofit organizations, as part of the Bank’s community engagement efforts.
- An extra paid day off to celebrate a birthday.
- Expansive professional growth and development programs, with robust internal training and continuing education opportunities.
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, with a solid commitment to responsiveness and action. 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 later in 2018, Jackson, Wyoming. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans. For more information, visit firstrepublic.com.