Before the collapse of the first Republic Bank, a banker earned $35 million a year, which made Dimon, the CEO of Xiaomo, "ashamed."

FAP, May 25 / PRNewswire-FirstCall-Asianet /-- first Republic Bank has a reputation for catering to wealthy customers in California and New York, attracting many customers with unusually favorable mortgages and eventually causing the bank to fall into a corner. The system has also made the employees of first Republic Bank rich. The San Francisco-based bank paid dozens of employees more than $10 million a year in its heyday before its collapse, according to people familiar with the matter. Regulators took over the bank in early May and sold it to JPMorgan. Some employees are rewarded for taking home loans, taking deposits and expanding their wealth management portfolios. At least one unnamed banker, who is not a top manager, earned more than $35 million last year. That even exceeds the income of Jamie Dimon, the new boss of first Republic and the chief executive of JPMorgan Chase, America's largest bank for 17 years. (Bloomberg)