Friday, March 15, 2013

Three big banks expand bonus clawbacks

Three large banks, responding to a demand from New York City's comptroller, have agreed to expand policies to "claw back' executive bonuses in cases of misconduct. CNN reports

The boards of Citigroup, Wells Fargo and Capital One will be able to demand the return of performance bonuses are returned to the company if the execs are responsible for misconduct that causes serious financial or reputational harm to their company, according to New York City Comptroller John Liu, who oversees the pension funds. The misconduct can either be through their own actions or through a failure to supervise others.

Previously, the banks' policies only called for clawbacks from executives who committed intentional or gross misconduct…

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