March 15, 2011 > FDIC mulls tighter Wall Street bonus rules
FDIC mulls tighter Wall Street bonus rules
By The Associated Press
The Wall Street Journal is reporting that the Federal Deposit Insurance Corp. could approve measures tying executive pay incentives at top financial firms to long-term performance.
The newspaper cited unnamed sources in saying the agency on Monday could approve a draft rule requiring firms to consider the results of executives' business decisions when setting their bonuses.
Affected companies could include Bank Of America, Goldman Sachs, JPMorgan Chase and others.
The financial reforms Congress passed in July place stiffer restrictions on banks and ban pay incentives tied to ``inappropriate'' risk taking.
Several Wall Street firms already have started deferring bonuses or tying them to long-term performance.