JPMorgan to publicly disclose pay clawbacks
JP Morgan has confirmed it will bow to shareholder demands and make a public disclosure when it claws back money from executives, following a rule by the Securities and Exchange Commission (SEC), that now requires companies to disclose clawbacks under certain conditions. The issue of clawbacks came to the fore when JP Morgan took back payments it had previously given to executives connected to the so-called London Whale incident, in which traders from the lenders investment office lost nearly $6bn.

After first resisting, JPMorgan Chase is bowing to shareholders on a request to disclose more information when it claws back money from top executives.

The bank said in a filing on Monday that it would make a public disclosure any time it retrieves compensation from any member of the company’s operating committee.

JPMorgan has, in recent years, faced complaints from shareholders about the bank’s executive compensation disclosures.

Earlier this year, the bank beat back a proposal calling for more information about clawbacks, but the proposal won support from 44 percent of the bank’s voting shareholders.