New York City's top pension official has urged Bank of America's board to claw back pay from executives after the bank agreed to pay $250 million to settle regulatory claims that it double-charged customers and took other steps without authorization.
to pay $250 million to settle regulatory claims that it double-charged customers and took other steps without authorization.
Since the financial crisis of 2008, provisions to recover pay have been strengthened at top U.S. banks to limit risk-taking. Bank of America did not admit wrongdoing in its July 11 agreements with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.
"By holding financially accountable the executives responsible for Bank of America's costly compliance breakdowns, the Compensation and Human Capital Committee can take an important step toward re-establishing clear expectations of ethical conduct and responsible business practices," wrote Lander.
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