JPMorgan Chase, the biggest U.S. bank, will consider
reclaiming incentive pay from employees including former Chief Investment
Officer Ina Drew after her unit had a $2 billion trading loss, said two senior execs,
according to Bloomberg.
The lender can cancel stock awards or demand they be repaid
if an employee “engages in conduct that causes material financial or
reputational harm,” JPMorgan said in its annual proxy statement. The company
will claw back pay if it’s appropriate, said one of the executives, who asked
not to be identified because no decisions have been made.
The incident, which led to Drew’s retirement yesterday, may
test JPMorgan’s claw-back policy amid mounting investor criticism over Wall
Street pay practices and as regulators investigate the trades….
Read more at http://www.bloomberg.com/news/2012-05-15/jpmorgan-said-to-weigh-bonus-clawbacks-after-loss.html
No comments:
Post a Comment