Executives at First Republic Bank in San Francisco will forego annual bonuses for 2023.
The $213 billion-asset bank disclosed in a regulatory filing that CEO Michael Roffler, Executive Chairman James Herbert II and all other executive officers will also forfeit vesting all performance-based incentives this year.
Herbert also decided to waive his salary, effective March 12.
The bank said the moves reflect recent volatility and an effort “to foster closer alignment with the shareholder experience and signal commitment to the bank and all of its stakeholders.”