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JPMorgan Will Move To 'Claw Back' Millions From Execs Who Bungled Billions
Originally published on Wed July 11, 2012 10:20 am
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)