Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

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From: Sr K	5/15/2012 12:42:09 AM
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JPMorgan Said to Weigh Bonus Clawbacks After Loss By Laura Marcinek, Donal Griffin and Dawn Kopecki - May 14, 2012 10:17 PM ET JPMorgan Chase & Co. (JPM), 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 executives. 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. . Stock awards can be canceled or repaid if a member of the operating committee, which included Drew, “improperly or with gross negligence” fails to identify risk, JPMorgan said in the proxy. Committee members also can have 2012 stock awards canceled if Dimon deems their performance was “unsatisfactory for a sustained period of time,” according to the proxy. . bloomberg.com

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