Banks faced a backlash over pay after the crisis because some traders and executives reaped millions of dollars for taking risks that later blew up.
Bank regulators are renewing efforts to require Wall Street executives to defer more compensation and claw back bonuses if losses happen, according to the Wall Street Journal.
div > div.group > p:first-child"> U.S. regulators are hoping to finish rules called for in the sweeping post-financial crisis banking regulation known as the Dodd-Frank Act, the Journal said. The thrust of the rules would be to more closely match pay with the long-term health of financial institutions. Talks are in an early stage and involve the Federal Reserve, Federal Deposit Insurance Corp.
Banks and other financial firms faced a backlash over pay after the crisis because some traders and executives reaped millions of dollars for taking risks that later blew up, requiring taxpayer-funded bailouts. But the industry has stymied regulators' earlier efforts to set restrictions on compensation, helped in part because of disagreement between the half-dozen regulators who have some role in bank supervision, the newspaper said.
While banks including Goldman Sachs have voluntarily implemented rules on vesting and sales of stock compensation, new rules could mandate stiffer restrictions and expand the number of bank employees subject to them, the newspaper said. Securities firms paid out $31.4 billion in bonuses in New York in 2017, the most in a decade, according to the Journal.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PRESENTING: The most important charts in the world from the 49 brightest minds on Wall StreetThe most sought-after minds on Wall Street share the biggest themes in markets, why they matter, and what to do about them.
Read more »
Wall Street steadies after Lighthizer, Powell, Cohen testimoniesThe S&P 500 closed down slightly on Wednesday but well above its session low aft...
Read more »
Home Depot And Lowe's Disappoint Wall Street, But Home Category Should Keep Both Retailers SafeTheir numbers this week may have disappointed Wall Street, but Home Depot and Lowe's continue to outperform most of their retailing counterparts
Read more »
Trump-Kim summit fizzles; AB InBev surges; US GDPToday’s top business headlines with ChristineRomans before the opening bell on Wall Street:
Read more »
Wall Street edges lower after Lighthizer comments on trade talksWall Street's main indexes edged lower on Wednesday after U.S. trade repres...
Read more »
Elon Musk plans to announce some Tesla news on Thursday — here’s what Wall Street is expectingThe billionaire's spat with the SEC has created a buying opportunity, one analyst said.
Read more »
Wall Street Is Gushing Over Palo Alto Stock After Earnings Crushed EstimatesThe cybersecurity company crushed Wall Street profit expectations and reported fiscal second-quarter adjusted earnings per share of $1.51 versus the $1.22 consensus. It also gave sales guidance for its fiscal-third-quarter above the average analyst projection.
Read more »
Wall Street weekahead: U.S. stock reign may not last over other regionsU.S. stock prices are outpacing those in most other regions to start 2019, but t...
Read more »
Limits on Wall Street Pay Are Back on Regulators’ AgendaLong-dormant efforts to restrict Wall Street pay are back on the agenda as regulators turn to unfinished business left over from the 2010 financial overhaul.
Read more »