Bloomberg News reports that the clawback policy, which takes effect immediately, applies to employees involved in an 'underlying event' after it has been publicly disclosed, the company said Monday in a regulatory filing.
While JPMorgan’s policies have allowed it to recover pay from workers who have hurt the company and its shareholders, the bank wasn’t required to disclose such actions. JPMorgan has clawed back millions in pay from managers responsible for the 2012 London Whale debacle, which led to a trading loss of more than $6.2bn. The bank was fined more than $1bn by U.S. and U.K. regulators in 2013 for lax oversight.
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