Citi, Capital One, Wells Fargo Expand Exec Pay Clawbacks

Law360, New York (March 14, 2013, 5:39 PM EDT) -- Capital One Financial Corp., Citigroup Inc. and Wells Fargo & Co. on Thursday agreed to expand their policies on taking back incentive pay from executives who engage in or facilitate misconduct, following a request from New York City’s pension funds.

All three banks have adopted policies allowing their respective boards of directors to claw back incentive pay from executives who cause “serious financial or reputational harm” to their companies, through either their own actions or their failure to supervise the actions of others, according to NYC...
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