Pay Clawbacks For Executives Would Be In Order On JPMorgan Loss
By Streetwise Blog:
by Boyd Erman
JPMorgan Chase & Co. (JPM) chief executive officer Jamie Dimon wants to keep the regulators out of banking – so here's his chance to prove his institution is willing to regulate itself. It's not enough to push out the people at JPMorgan who were responsible for the $2-billion (U.S.) trading loss that the company disclosed last week, which led to a $14-billion disappearance of shareholder value on Friday. The bank and its board ought to demand those involved return much of their pay.Ina Drew, the chief investment officer who oversaw the trading, earned about $31-million over the past two years. The top traders under her would also have earned millions. As they are escorted out the door, much of that money should be returned to the bank and its shareholders. And Mr. Dimon, as a champion of Ms. Drew's group, should probably give up some ofComplete Story »
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