First Republic has benefited enormously from diversity since our founding. I attribute a great deal of our success to the different ideas, perspectives and approaches a diverse team and inclusive culture provide.”

James H. Herbert, II, Founder, Chairman and CEO

Since our founding, diversity has been a key competitive advantage. Women made up 40% of the founding executive team, and we have carried that focus on diversity through to today. We value diversity of perspective, expertise, background and tenure, as well as cultural, sexual orientation, ethnic and gender identity.

We believe that having a diverse team and inclusive culture creates opportunities to better serve our clients and communities. We reflect the demographics of the vibrant, diverse communities where our colleagues live and work. In fact, over 50 languages are spoken by First Republic colleagues.¹

¹ As of June 30, 2020

Our Diverse Workforce

Gender diversity at first republic

Ethnic diversity at first republic

Total Workforce 1,2

47%
47%
Women
49%
49%
People of Color

Senior Management Team 1,2,3

49%
49%
Women
23%
23%
People of Color

Board of Directors 2,4

40%
40%
Women
20%
20%
People of Color
  • 1As of December 31, 2020.
  • 2“People of Color” includes all nonwhite ethnicities as defined by the Equal Employment Opportunity Commission (EEOC), which include American Indian / Alaska Native, Asian, Black, Native Hawaiian / Pacific Islander, two or more races, and Hispanic or Latinx.
  • 3Senior management (82 colleagues) is defined as those people with a Bank title of Regional Managing Director, Executive Managing Director or Senior Vice President and above, as well as subsidiary titles of Executive President and above.
  • 4Board members consist of the 10 director nominees included in the 2021 Proxy Statement.

Colleague Culture Events Thank You

We take time to celebrate our colleagues’ unique identities in a variety of ways, including through Colleague Culture Events that highlight different heritages, cultures and traditions.

First Republic has been recognized for its commitment
to board and management diversity by:

2018

Leading the Way
2020 Women on Boards Bay Area

2019

Corporate Champion Women’s Forum of New York

We have long believed that our diversity and inclusive culture have enabled us to deliver on our goal of providing extraordinary service. We are continually learning from our colleagues and are very focused on doing more to support one another.”

Mollie M. Richardson, Executive Vice President, Chief People Officer

Diversity, Equity and Inclusion (DEI)

The events of 2020 have led us to be even more active in addressing racial inequity, by building upon the consistent focus on diversity that has been in place since First Republic’s founding.

  • In June, we signed the Open Letter From Leaders of the Partnership for New York City regarding racial equity and observed Juneteenth by closing our offices early to provide an opportunity for reflection and education. We will continue to do so every year to reaffirm our commitment to racial equity.
  • We contributed approximately $500,000 to nonprofit organizations focused on combating racial inequity.
  • To promote open dialogue among our colleagues, we facilitated a number of discussions and learning opportunities about the impact of systemic racism.
  • We are developing a comprehensive DEI strategy — covering recruitment, professional development and support — which will be embedded across our business. To guide the development of this strategy we have partnered with Management Leadership for Tomorrow (MLT), a leader in this space.
  • As our greatest resource, our colleagues are playing an essential role in creating a positive path forward.
    • In 2019, our colleagues formed a DEI Council to promote equity at the Bank and in the communities we serve, and in 2020 we established a Racial Equity Advisory Board.
    • In 2020, our CEO and president became executive sponsors of the DEI Council to ensure it has the support needed to effect change.

Recruitment

The first step to strengthening our culture through diversity, equity and inclusion is to ensure that we are attracting diverse talent to the organization at all levels, including interns. To achieve this goal, we are working with more than a dozen organizations with expertise in sourcing diverse talent, and we are building enduring in-house capabilities by offering certifications in diversity recruiting for our enterprise talent acquisition team.

Management Leadership for Tomorrow (MLT)

In August 2020, First Republic engaged MLT, a nonprofit that is empowering a new generation of diverse leaders and transforming the leadership pipelines of leading institutions. MLT equips and emboldens high-achieving women and men from underrepresented communities — African American, Latinx and Native American — to realize their full potential.

MLT is supporting the development of our DEI strategy from recruitment to professional development and support with a goal of further enhancing our inclusive culture and the diversity of our workforce. First Republic has a dedicated working group, consisting of colleagues from across the Bank, dedicated to developing and implementing this strategy alongside MLT.

Our partnership has already led to improvements. We have brought in new recruiting partners that provide access to diverse sources of talent and expanded our learning and development programs with training focused on fostering inclusion for all colleagues.

Select Recruiting Partners

Mathison
Mathison
Raines International
Raines International
Toigo
Toigo

First Republic internship programs give students a chance to learn more about the opportunities available in the financial services industry while gaining valuable work experience. Our colleagues provide mentorship and guidance through these internship programs that has a lasting impact on both the students and mentors. We work with a number of partners to ensure we are providing opportunities to students of all backgrounds and have committed to filling half our internships with students from underrepresented communities.

Spotlight

10,000 Degrees

10,000 Degrees is a leading college success organization in California serving seven Bay Area counties. Their mission is to achieve educational equity and to support students to and through college to positively impact their communities and the world. In fact, 85% of 10,000 Degrees students will be the first in their family to attend college.

First Republic has a deep partnership with 10,000 Degrees, which includes providing scholarships, education and personal support for 10 students as well as hosting interns from the program. In addition, First Republic colleagues dedicate their own time to the organization by being part of the Young Professionals Council and the San Francisco Advisory Board.

At First Republic, I’ve always been encouraged to share my ideas and have received trust in taking on important assignments. I’ve never felt like my manager has given me busy work. Instead, I’ve seen how my work adds value to the Bank, and it feels great to see my work come to life.”
Jorge H., First Republic Intern
As a first-generation college student, 10,000 Degrees gave me exactly the guidance I needed to get an internship at First Republic. This created a snowball effect of positive momentum that has led to a full-time position aligned with my passion. My team at First Republic has been so supportive through this process.”
Joyce L., Campus Recruiting Coordinator starting Summer 2021

Select Internship Partners

Achieve Internship Program
Achieve Internship Program
Inroads Internship Program
Inroads Internship Program
Cristo Rey Network Career Mentorship Program
Cristo Rey Network Career Mentorship Program
Enterprise for Youth Career Exploration Program
Enterprise for Youth Career Exploration Program

Professional Development

Bringing diverse talent into First Republic is the first step, but it is equally important to empower our colleagues to reach their full potential at the Bank. In addition to our extensive colleague development programs, many of our Black leaders are participating in McKinsey & Company’s Black Leadership Academy to accelerate the progression of their professional development. In the first six months of this partnership, we have had more than 40 colleagues sign up to participate in this program.

Black Leadership Academy, a McKinsey Academy Program

McKinsey acknowledges the unique skills and challenges that Black executives face and has developed programs to accelerate the progression of Black leaders in their organizations.

The Black Executive Leadership Program and Management Accelerator are designed to help Black leaders of today and tomorrow build the tools and networks for greater personal and organizational impact.

They are designed to support high-performing, early- to mid-career managers aspiring to take the challenging leap into senior leadership and senior executives looking to ascend to C-suite roles.

This program has allowed me to look beyond my role to understand our strategy more broadly, which will help me grow my career. I really enjoy the program and am proud to have been recommended by my manager.”
Dinisha R., Manager, Compliance Processing
It has been powerful to be among a group of leaders with a shared collective experience for the first time in my career. The executive program creates the framework for us to bring our most authentic selves and allows us to focus our energy on becoming the type of transformational leaders that are required today.”
Christine R., Vice President, Marketing Technology and Solutions

Support

We are committed to creating an inclusive culture where all feel welcome and valued, and we understand that doing so requires all our colleagues to be a part of the process. To support our colleagues on this journey, our DEI Council has:

  • Facilitated more than 50 discussions about racial and ethnic inequity, systemic racism and bias.
  • Hosted Diversity Dialogues and Safe Space Discussions to promote empathy and understanding among colleagues.
  • Expanded our DEI learning series.
  • Hosted bi-annual DEI Town Hall meetings to bring together champions and advocates.
  • Created our Allyship Toolkit and DEI Terminology Guide to assist colleagues on their anti-racism journey.
  • Supported the development, growth and success of our Colleague Community networks.

Equal Eagles

In 2016, Equal Eagles became one of the first Colleague Communities at First Republic, focused on bringing together a community of LGBTQ+ colleagues and allies. Over time, the community has expanded beyond social events to become more involved with volunteerism, education and supporting the Bank’s DEI initiatives.

In 2020, Equal Eagles partnered with nonprofits such as PFLAG and the Transgender Economic Empowerment Project of the Los Angeles LGBT Center for educational sessions focused on gender identity, social barriers and LGBTQ+ terminology. Equal Eagles also encouraged the use of gender pronouns in our email signatures to support our colleagues and respect their identities.
Equal Eagles Member

Colleague Community Networks

ALAS (Alliance for Latinos Advancing Success)

Our Latinx and allies network promotes a safe and respectful environment that fosters organizational awareness of diversity and inclusion where colleagues feel valued, supported and engaged.

Asian and Pacific Islander Colleague Community

Provides a platform for all colleagues who identify as Asian or Pacific Islander as well as those interested in Asian and Pacific Islander (API) heritage to learn from and support one another.

BEAM (Black Employees and Allies Achieving Magnitude)

Supports the development of Black colleagues and allies personally and professionally in an inclusive environment through networking, education, mentoring and events that promote cultural awareness, social justice and anti-racism.

DiverseABILITY

Creates a culture that welcomes people with differing abilities, exemplifies First Republic as a disability friendly employer, works to better serve our clients and colleagues with disabilities, and helps improve the communities in which we work and live.

Eagles for Earth

Our environmental stewardship group that helps educate and inspire our colleagues about the environment, and how we can make a positive impact in our communities and for the future.

Equal Eagles

Our LGBTQ+ network that embraces diversity, encourages leadership development and acts as a forum for financial and professional topics impacting this community.

Toastmasters

Provides a supportive experience in which members are empowered to develop communication and leadership skills.

Women’s Connection

Promotes the equity and inclusion of women through coaching, mentoring, networking and community outreach.

Supplier Diversity

We make an effort to invest in our communities while engaging the best suppliers. Our Supplier Diversity Program helps foster equal opportunity and the growth of deserving companies owned by Black, Indigenous and People of Color (BIPOC), women, veterans and other underrepresented groups. By integrating supplier diversity into all aspects of our business, we believe we are contributing to the long-term economic sustainability of the communities that we are privileged to serve.

Keeping our colleagues for the long term

Colleague stability is key to sustaining our unique service culture and creating long-term relationships with our clients. In fact, more than 90% of the loans ever originated by First Republic Bank were done so by bankers who are still with us today, and we have a number of colleagues who have been with the Bank for the majority of our history. Our five-year average voluntary employee turnover, excluding temporary employees and independent contractors, from 2016 to 2020, was just 7%.

From the time they join the Bank, new colleagues are paired with more tenured colleagues who help them settle into the organization. In addition, new colleagues attend an orientation session and First Republic Flight School for a deeper immersion into our culture during their first 90 days.

To support our colleagues, we provide a wide range of professional development programs to educate them about our business and grow their capabilities. We also provide benefits that help our colleagues maintain financial, emotional and physical well-being at all life stages. In 2020, we offered additional benefits to help colleagues and their families cope with the challenges brought on by the COVID-19 pandemic. Our benefits are a reflection of just how much we care about our colleagues.

Colleagues who enjoy their work are better able to serve our stakeholders. Delivering unparalleled service is a demanding endeavor, so we take time to have fun and celebrate our colleagues’ successes. This includes hosting local events, such as Social Fridays, as well as annual companywide events such as our Halloween Parade. These events provide opportunities for colleagues to connect with one another and build relationships across teams.

Our Annual Service and Sales Conference recognizes colleagues who have significantly contributed to our growth and strong credit quality through their leadership in client service.

In 2020, with most of our team working remotely, our colleagues demonstrated their entrepreneurial spirit by creating new ways to engage with each other. For example, one colleague has hosted a weekly virtual talk show to keep colleagues connected while working from home. This started as a regional activity and expanded organically across the Bank. Other colleagues formed a parents group to provide support for families dealing with the challenges of home schooling and other challenges brought on by the pandemic.

We celebrate work anniversary milestones with gifts after the first year and every five years, and we have special service recognition at the 25-, 30- and 35-year milestones.

Colleague Professional Development

Our programs are designed to allow colleagues to enhance their skills and take on additional responsibilities. We provide opportunities for colleagues at all levels of experience and all job functions.

1,200+
Participants since 2010

Culture Carrier Roundtable

This program helps develop a shared understanding of how our culture, which is built on diverse perspectives and empowerment of the individual, has shaped our success and growth.

84
Participants since 2017

Relationship Manager Development Program

We’ve invested in developing the next generation of Relationship Managers through a program which sets clear, high standards for our colleagues to grow and advance at a prudent pace.

525+
Participants since 2017

Leadership Development Program for Managers

In partnership with Wharton Executive Education, this program brings together new and seasoned managers across all departments to build a common leadership philosophy and learn the most advanced strategies, processes and tools to maximize their effectiveness as leaders.

512
Mentee Participants since 2015

Mentor Program

This annual program focuses on career development, coaching and expanding professional relationships.

225+
Participants since 2015

Leadership Academy

This program, led in partnership with Board Member Professor Boris Groysberg, is an annual retreat for core leaders of the Bank to meet, deepen relationships, invest in each other and discuss how we can continue to make improvements in executing our business model.

6,200+
Participants since 2016

Lunch and Learn

Each month, one department or team leads a session to introduce its area of expertise and share upcoming projects or initiatives.

130
Participants since 2013

Executive Education

This program strengthens the leadership bench and encourages openness to new ideas through participation in executive education programs at four top business schools: Harvard, Stanford, Tuck and Wharton.

Tuition Assistance Program

Colleagues are eligible for up to $5,250 per calendar year of financial assistance for their studies toward a degree program.

They also have access to LinkedIn Learning, an online platform that offers a variety of courses.

Comprehensive benefits

Our benefits program is designed to provide help, support, coverage and peace of mind so that our diverse workforce can focus on being their best. We continually look for new benefits that are well suited to our colleagues.

Financial advantages

  • $30 per hour minimum wage
  • 401(k) employer match; 97% participation
  • Employee stock purchase plan; 61% participation
  • Employer-paid student loan repayment assistance and educational savings assistance programs (Gradifi); over 2,000 employees enrolled collectively
  • Tuition reimbursement
  • Colleague referral bonus
  • Commuter transit subsidy up to $100
  • Technology, travel and entertainment discounts
  • Personal line of credit

Care of our colleagues and their families

  • Minimum three weeks of vacation time
  • 16 weeks of paid maternity leave
  • 10 weeks of paid parental leave
  • Parent support and lactation services
  • Six weeks of paid disability leave
  • Six weeks of paid family care leave
  • Day off for birthday
  • Morning off for child’s first day of school

Civic engagement

  • Two paid days per year to volunteer with a nonprofit organization of choice
  • Paid time off to vote

Well-being

  • Monthly wellness stipend and gym discounts
  • Subsidized cafes and employee group lunch
  • Medical (including dental and vision), life, business travel and pet insurance
  • Flu shots, ergonomics, biometric screening and health coaching
  • Employee Assistance Program (including mental health and counseling resources)
  • Employer health savings account contribution
  • Health advocate program
  • Financial wellness seminars

We have offered additional health and well-being benefits to help colleagues and their families cope with the challenges brought on by the COVID-19 pandemic:

  • Paid time off and sick leave for issues related to COVID-19
  • COVID-19 testing covered at 100%
  • Bonus and ongoing remuneration for remote office setup and communication costs
  • Employer-paid One Medical membership for colleagues and dependents in addition to existing health plans
  • Employer-paid Calm app membership
  • Information and education sessions on constructive work-from-home methods and CARES Act legislation

Employee Home Loan Program

First Republic offers discounted loan pricing for colleagues purchasing a primary residence. Nearly 30% of colleagues are currently enrolled in this program.

Empowering our Colleagues with Technology

The trust between our colleagues and clients is our competitive advantage. We use technology to strengthen these human relationships, never to replace them.”

Jason C. Bender, Executive Vice President, Chief Operating Officer

First Republic’s success is driven by the exceptional, relationship-based client service provided by our colleagues. Our technology strategy is focused on scaling this differentiated service level by empowering clients to bank in a way that suits them and, equally as important, empowering our bankers to further delight clients.

We invest in technology to reduce time spent on repetitive, manual tasks, providing more time for meaningful interactions with clients. Our enhanced solutions are designed to supercharge our colleagues, never to replace them.

Our two primary work streams are known as Continuous Process Improvement (CPI) and Eagle Intelligence (EI).

Continuous Process Improvement (CPI)

CPI enhances productivity by automating routine tasks and removing bottlenecks so bankers can continue to deliver tailored client service. Aligned with First Republic’s entrepreneurial culture, ideas are sourced from colleagues across the Bank. As opportunities are identified, teams are formed to collaboratively deliver improvements that save time and reinforce our client-service culture. Since launching CPI in 2017, we have completed over 550 improvement projects.

Deposit Client Onboarding

Deposit account opening was identified as a major pain point by our colleagues. Instead of spending time having meaningful conversations with clients, bankers were moving from system to system to enter required information. We redesigned and digitized our internal, end-to-end deposit client onboarding process, integrating eight systems into one. This reduced account opening times by 50%, allowing our colleagues to have more value-adding conversations with their clients.

Hemingway Bot

The process of issuing a loan pre-approval letter was highly manual and could take up to 24 hours. In a competitive real estate market, time is of the essence. Robotic process automation, or “bots” have allowed us to streamline this process for even more responsive, high-touch service. Pre-approval letters can now be sent to the client within minutes, directly from the banker’s mobile device. In 2020, Hemingway delivered over 4,700 pre-approval letters.

Eagle Intelligence (EI)

EI utilizes trend analysis, customized research and Artificial Intelligence-based recommendations to empower meaningful banker-client interactions. This supercharged approach to client service makes bankers more efficient and effective, allowing them to serve more clients with the same high standard of service. EI also codifies best practices from top-performing bankers and shares them with others to improve productivity and scalability.

Customer Relationship Browser (CRB)

CRB is a proprietary tool developed to empower bankers with actionable client information. It provides real-time information about bankers’ client portfolios as well as targeted lists and recommendations to allow bankers to use their time more efficiently and achieve better results. Even our best and longest tenured bankers have benefitted from having customized data.