JPMorgan CEO says execs may have pay taken back
WASHINGTON – JPMorgan Chase CEO Jamie Dimon told Congress on Wednesday that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company.
Under bank policy, stock grants and bonuses can be recovered from executives, even for exercising bad judgment, Dimon told the Senate Banking Commitee. The policy has never been invoked, he said, but he strongly suggested that it will be.
"It's likely that there will be clawbacks," he said.
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