JPMorgan CEO says execs may have pay taken back
Source: AP News
WASHINGTON (AP) -- 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 and bonuses can be recovered from executives, even for exercising bad judgment, Dimon told the Senate Banking Committee. The policy has never been invoked, he said, but he strongly suggested that it will be.
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Among the most likely candidates would be Ina Drew, JPMorgan's chief investment officer, who left the bank days after Dimon disclosed the loss on May 10. Drew oversaw the trading group responsible for the $2 billion loss.
Dimon, under close questioning about his own role in setting up the investment division responsible for the mess, declared: "We made a mistake. I'm absolutely responsible. The buck stops with me."
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MAY !
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