Pros
Great benefits. Solid credit philosophy leading to stability for company and existing employees.
Cons
If the recent developments within Lending Services are any indication, the evolution of leadership and culture at First Republic Bank is heading in a very concerning direction. This company claims to value its employees but there has been a huge organizational shake up within Lending Services and no clear reasons have been given, other than a vague reference to "growth." As of two weeks ago, the department has been split in two, with the previous head of the department demoted to managing one half. The leadership they have brought in to manage the other half of the department was here in a leadership role about 3 years ago and oversaw the complete removal of overtime approval in that department. The result of this was a Department of Labor investigation, in which complaints of employees being forced to work overtime without being properly compensated were found to be accurate. The culture of fear and retribution created during this time is very well remembered, and many are anxious and afraid about the return to the department. Additionally, this organizational change resulted in the sudden position elimination of someone who had served FRB for 21 years. They were not even given the opportunity to say farewell to the department. The fact that this person was given the unpleasant task of investigating the allegations made against the leader mentioned above during the period of overtime abuse has raised more than a few eyebrows given the current situation. The announcement of these changes came through a Town Hall meeting held for the department two weeks ago. Aside from vague mentions of growth as a justification for this re-org/position elimination, no other answers have been provided, other than "we are figuring that out." At best, this was a poorly thought-through, poorly managed organization shift initiated by so-called leaders with no concept of empathy or change management. At worst, this development highlights an extremely worrying cultural shift for First Republic Leadership - to care more about their own accumulation of power and control than to invest in sustainable business growth and the safety and engagement of its employees. Ethical leadership is on its way out at First Republic.
