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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