Bank, Thrift & Specialty Lender - Industry News
Report: Fed sets Feb. 1 deadline for top banks to submit pay plans
November 03, 2009 4:25 PM ET
By Zeeshan Zafar
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The Federal Reserve has set a Feb. 1 deadline for the U.S.'s top 28 banks to submit employee compensation plans that discourage excessive risk-taking, The Associated Press reported Nov. 3, citing people with knowledge of the process. The action follows the Fed's proposal to align compensation practices with long-term results. The regulator can use its authority to push banks to make changes in 2009, but it cannot penalize them because the new rule will not likely take effect until 2010, according to the report. The banks include Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. |
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