Our colleagues are our “secret sauce” and the key driver of our consistent success. Our philosophy is to hire a diverse range of people who share the Bank’s values, entrepreneurial spirit and unwavering commitment to service, then empower them to be their best.
For First Republic, empowerment means creating an environment where every voice is heard and everyone has an opportunity to make a positive impact on our business. Our leadership’s mantra since the Bank’s founding has been, “trust, delegate and get out of the way.”
We deliberately maintain a flat organizational structure, unencumbered by organizational charts and departmental silos in order to amplify our colleagues’ voices. We create a team atmosphere by encouraging colleagues to build relationships across job functions and by placing a strong emphasis on serving one another.
Because our company culture is so important, it’s common for First Republic candidates to interview with a wide range of colleagues before joining the Bank. This often includes meeting colleagues with differing job functions and levels of experience.
We currently have nearly 5,500 colleagues1 who are passionate about client service, and our team continues to grow. In 2020, we were pleased to grow our workforce by more than 600 net new positions.
Empowering our colleagues increases organizational stability and leads to a client service level that is more than twice the U.S. banking industry average.2 This, in turn, leads to having deeper, longer-lasting client relationships, low client attrition, and more repeat business and client referrals. The compounding network effect from having more satisfied clients drives sustainable, organic growth from within.
¹ As of December 31, 2020, we had 5,483 full-time equivalent employees, including temporary employees and independent contractors.
2 Source: FRC/Greenwich Associates NPS Study (2020).