America

JPMorgan Will Move To 'Claw Back' Millions From Execs Who Bungled Billions

Another kind of claws at work. Meanwhile, JPMorgan is going to see if legal steps will let it "clawback" some money paid to executives. i i

Another kind of claws at work. Meanwhile, JPMorgan is going to see if legal steps will let it "clawback" some money paid to executives. John MacDougall /AFP/Getty Images hide caption

itoggle caption John MacDougall /AFP/Getty Images
Another kind of claws at work. Meanwhile, JPMorgan is going to see if legal steps will let it "clawback" some money paid to executives.

Another kind of claws at work. Meanwhile, JPMorgan is going to see if legal steps will let it "clawback" some money paid to executives.

John MacDougall /AFP/Getty Images

JPMorgan Chase CEO Jamie Dimon predicted this would happen: The bank "plans to reclaim millions of dollars in stock from executives at the center of the trading blunder that shocked Wall Street," The Wall Street Journal reports.

According to the Journal:

"The nation's biggest bank is expected to claw back compensation from individuals including Ina Drew, who ran the company's Chief Investment Office, or CIO, according to people familiar with the bank's plans."

A clawback, one of the financial world's best words in our opinion, is "the recovery of money which has been already paid to a person or company, typically because that payment should not have been made for legal (or occasionally moral) reasons." (Cambridge University Press)

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.