JP Morgan to claw back bonuses from 'casino bankers' who racked up $2 billion loss
Washington, June 14 (ANI): Investment banking giant JP Morgan Chase's boss plans to claw back up to two years' bonuses from 'casino bankers' who racked up losses of more than 2 billion dollars.
During a grilling session by US politicians in Capitol Hill, Jamie Dimon said he would look at docking bonuses from those involved, including Bruno Iksil, nicknamed the 'London Whale' for his huge bets.
"He added that the claw backs would be 'somewhat limited' to what employees were paid in the previous two years.The board will review every single person involved," he said.
Dimon said that he felt terrible about the trading blunder, which 'violated common sense', The Daily Mail reports.
During the hearing, Dimon said he would make sure that 'casino bankers' paid back their bonuses after making a 2 billion dollars loss.
The pledge means dozens of JP Morgan's high-flying bankers could be stripped of millions of pounds in 'deferred' bonuses, awarded over the past two years, but yet to be paid out. (ANI)
Read More: Jamie Pandit | Taranga Hill Rs | Malabar Hill | Cumballa Hill | Antop Hill Po | Mangor Hill | Yallamma Hill | St Marys Hill | Stone House Hill | West Hill | West Hill Beach | West Hill Chungam | East Hill | Edakkad - West Hill | Nazreth Hill | Hill View | Ajodhya Hill | St.mary's Hill So | Hill Top | Kangchup Hill (p) Edbo
4TH C V RAMAN INT'L FELLOWSHIP LAUNCHED FOR RESEARCH
May 21, 2013 at 10:07 PM
WE WILL BRING A NEW LAW TO REGULATE FIXING : JITENDRA SINGH
May 21, 2013 at 10:00 PM
COURT ALLOWS FIVE DAY POLICE CUSTODY FOR THE IPL FIXERS
May 21, 2013 at 9:58 PM