United kingdom : Fed gives banks deadline to submit exec pay proposals.Byline: babalu03 The Federal Reserve on Monday gave Wall Street's top bankers a Feb. 1 deadline to submit proposals for how they plan to improve their pay practices, people with knowledge of the meetings said. At the sessions, Fed regulators told leaders of 28 of the largest financial firms that the central bank was serious about enforcing the executive pay guidelines it proposed late last month. At the Fed's request, the bank executives were accompanied by members of their boards' compensation committees. At one of the meetings, in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , William C. Dudley, president of the Federal Reserve Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , told Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Group Inc. Chief Executive Lloyd Blankfein Lloyd Craig Blankfein (born September 20, 1954 in The Bronx, New York City) is the current Chief Executive Officer (CEO) and Chairman of Goldman Sachs. After the May 31, 2006 nomination of former CEO Hank Paulson as Secretary of the Treasury, Blankfein was announced as his , JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. & Co. Chief Executive Jamie Dimon James "Jamie" L. Dimon (born March 13, 1956) became CEO of JPMorgan Chase & Co. on January 1, 2006. He succeeded William B. Harrison, Jr., who became the company's chairman. Dimon succeeded Harrison as Chairman of JPMorgan on January 1, 2007, following Harrison's retirement. , Morgan Stanley Chief Executive John Mack and others that he wanted the banks to begin incorporating the new practices as they set year-end bonuses in the coming months -- even though the rules have not yet been finalized. Regulators stressed that the Fed was not looking to cap overall pay but instead wanted the banks to structure bonuses in ways that do not encourage excessive risk taking, according to more than half a dozen people who attended the meetings or were briefed on them. Fed officials urged the banks to do more to align pay with long-term performance, such as by awarding a significant portion of pay in stock, these people said. Dudley told the executives that he expected the guidelines to be formalized for·mal·ize tr.v. for·mal·ized, for·mal·iz·ing, for·mal·iz·es 1. To give a definite form or shape to. 2. a. To make formal. b. by year's end. After the New York session, executives at three of the banks said that nothing they had heard raised alarms. Federal regulators, who have concluded that the financial crisis was caused in part by inappropriate pay practices on Wall Street, have held numerous discussions with large banks about restricting executive pay. Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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