Photo: AP Photo
JPMorgan’s chief executive Jamie Dimon was grilled before the Senate Banking Committee in Washington, D.C. this morning over the $2 billion trading loss the bank revealed last month.Following his prepared testimony, Dimon faced questions from the committee members.
When asked about clawbacks, Dimon told the committee that it is “likely there will be clawbacks.”
He said this would happen once the bank’s board finishes its review of the trade losses.
“You can expect we’ll take proper corrective action,” he said explaining that the board will review every single person involved and what they did and what they didn’t do.
Dimon, who said he’s been in favour of the clawback system, told the committee JPMorgan can clawback bonuses from senior management for “bad judgement” adding that they can clawback stock, cash bonuses, etc.