Wednesday, June 13, 2012

Dimon: Clawbacks Likely For Execs Tied To Loss

JPMorgan Chase Chair and Chief Executive Officer Jamie Dimon said the bank will probably seek to claw back pay from executives responsible for $2 billion in trading losses, Bloomberg reports.
“When the board finishes its review, which is the appropriate time to make those decisions, you can expect that we will take proper corrective action and it is likely there will be clawbacks,” Dimon told the Senate Banking Committee today.

Lawmakers are questioning Dimon on the trading loss amid investor criticism of Wall Street pay practices. Dimon encouraged the Chief Investment Office to make bigger and riskier trades, former employees have said, while he became one of the highest-paid CEOs in U.S. banking, taking home more than $1.9 million a month on average in 2010 and 2011….

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