JPMorgan to Claw Back Compensation (WSJ)

Bank will reclaim stock from executives involved in chief investment office’s trading loss.

JPMorgan plans to reclaim millions of dollars’ worth of stock that it awarded executives involved in the chief investment office’s trading loss, according to the Wall Street Journal. The bank plans to claw back compensation from executives including Ina Drew, who headed the chief investment office before she resigned.

The size of the trading loss, which involved huge positions involving corporate credit indexes, was initially put at $2 billion, but subsequent reports have said the cost could go as high as $9 billion. The Journal says that when the bank reports its earnings Friday, it will say the losses cost the bank $5 billion during the second quarter.

 

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