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JPMorgan CEO says execs may have pay taken back

Reported by SeattlePI.com on Wednesday, 13 June 2012 (on June 13, 2012)

JPMorgan CEO says execs may have pay taken back
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. ext

Updated 08:31 a.m., Wednesday, June 13, 2012

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. Dimon contended that the trading loss, disclosed May 10 in a surprise conference call with reporters and banking analysts, were meant to hedge risk to the company and to protect in case "things got really bad." JPMorgan's trading loss has heightened concerns that the biggest banks still pose risks to the U.S. financial system, less than four years after the financial crisis in the fall of 2008. [...] The Wall Street Journal reported Tuesday that some senior JPMorgan executives, including the chief financial officer and chief risk officer, were told about risky trading in London two years before the losses came to light. More than other major Wall Street banks, JPMorgan weathered the 2008 financial crisis with few scars. Since the crisis, Dimon has been an outspoken voice against stricter financial regulation.

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