Wed., July 11, 2012 9:45am (EDT)

JPMorgan Will Move To 'Clawback' Millions From Execs Who Bungled Billions
By Mark Memmott
Updated: 10 months ago

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.
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)


Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.