New Delhi: US officials purchased the troubled First Republic Bank in California and sold it to JPMorgan Chase in an effort to end the two-month financial system-ruining crisis. James Herbert created the organisation.
- James Herbert founded the First Republic Bank in 1985 and held the position of CEO for 37 years, according to the bank's website. He also served as Chairman starting in 2007. (Also Read: Anand Mahindra's Birthday: Business Tycoon Owns These Top Cars - Check List)
- According to Financial Times, Mr. Herbert is regarded as a cunning and motivated businessman. He increased the bank's staff from 9 to 14, making it the 14th largest bank in the country. The bank had more than 7,200 employees at the end of the previous year and planned to have 80 locations spread across seven US states by July 2020. (Also Read: Top 10 Companies In India To Work And Grow Your Career: Check Out List)
- According to the FT report, Mr. Herbert was born in Ohio; his mother worked as a homemaker and his father as a local banker. From Chase Manhattan Bank, he began his career in banking.
- He specialised in private banking for wealthy clients and focused on entrepreneurs, much like Silicon Valley Bank, which failed in March.
- For a 40 percent premium, Mr. Herbert had sold First Republic Bank to Merrill Lynch in 2007. But during the 2008 financial crisis, Bank of America bought Merrill, so Mr. Herbert bought it back.
