Dimon Tells Senate Clawbacks of Executive Pay Are 'Likely'

Date : 06/13/2012 @ 2:22PM
Source : Dow Jones News
Stock : JP Morgan Chase & Co. (JPM)
Quote : 87.5  2.98 (3.53%) @ 4:07PM

Dimon Tells Senate Clawbacks of Executive Pay Are 'Likely'

JP Morgan Chase (NYSE:JPM)
Historical Stock Chart

5 Years : From Apr 2012 to Apr 2017

Click Here for more JP Morgan Chase Charts.
   By Alan Zibel 
 

WASHINGTON--The chief executive of J.P. Morgan Chase & Co. (JPM) told U.S. Senate lawmakers Wednesday it's "likely" that the company's board will seek to recoup pay from executives faulted in the bank's multi-billion dollar trading loss.

Asked about whether there would be "clawbacks" of such pay, CEO James Dimon said the company's board is still reviewing the matter. But he added that "You can expect we will take proper corrective action. And I would say it's likely, though this is subject to the board, but it's likely there will be clawbacks."

Mr. Dimon added that the bank has the ability to seek return of compensation "even for things like bad judgment." The bank, he said, can demand the return unvested stock and cash bonues. "it's pretty extensive, the ability to clawback," Mr. Dimon said.

Write to Alan Zibel at alan.zibel@dowjones.com




Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.