First Republic’s $35 Million Banker Outearned Dimon Before Bust

First Republic Bank made its name catering to wealthy clients across California and New York, reeling in many with unusually sweet mortgages that eventually doomed the firm.

The system made its employees rich, too.

The San Francisco-based bank — which regulators seized and sold to JPMorgan Chase & Co. early this month — was paying dozens of employees more than $10 million apiece annually in the heyday before its collapse, according to people with knowledge of the situation.

Some racked up incentives for arranging home loans, amassing deposits and growing wealth-management portfolios. For at least one unnamed banker who wasn’t ...