Jamie Dimon: JPMorgan Will ‘Likely’ Claw Back Pay From Responsible Executives.
WASHINGTON — 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.
“It’s likely that there will be clawbacks,” Dimon told the Senate Banking Committee.
Under bank policy, Dimon said, stock and bonuses can be recovered from executives, even for exercising bad judgment. The policy has never been invoked, he said.
Dimon, under close questioning about his role in setting up the investment division of the bank responsible for the loss, declared: “We made a mistake. I’m absolutely responsible. The buck stops with me.”