JPMorgan Chase & Co. and Citigroup are rethinking approaches to executive compensation in the wake of management missteps and weaker financial performance this year.
JPMorgan’s board of directors is weighing lower bonuses for CEO Jamie Dimon (left) and other executives following a $5.8 billion trading loss the firm suffered this year. The board at Citigroup will decide this fall on a revamped 2013 compensation plan to gain greater support from investors. Since April, when shareholders rejected the executive pay plan in a nonbinding vote, the board has hired a new compensation consultant. Citigroup CEO Vikram Pandit (right) was paid $14.9 million last year.
