New York City Comptroller John C. Liu, who oversees $108 billion in pension funds, said Goldman Sachs, JPMorgan Chase and Morgan Stanley should target senior executives’ pay to prevent improper or risky practices.
Liu filed shareholder requests with the three New York-based banks to toughen their so-called clawbacks, which allow the firms to reclaim pay awarded to employees who acted improperly. The lenders, which now limit clawbacks to individual wrongdoers, should target supervisors as well, Liu said in a statement Wednesday. The city’s pension funds held $483.3 million in shares of the firms through Dec. 19, according to the statement.
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