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Fed to meet bank execs on pay reviews

Last updated: 2009-10-30

Fed to meet bank execs on pay reviews
2009-10-30

Event
Global Financial Crisis
Category
US Fed Reserve
Source
(Reuters)

WASHINGTON (Reuters) - Federal Reserve officials are scheduled to meet with bank executives on Monday to discuss executive pay at large financial firms, a Fed spokesperson said on Friday.
They would discuss "the process for the reviews of incentive compensation arrangements at the large, complex banking organizations," the spokesperson said.
The Fed last week issued bank pay guidelines aimed at curbing the type of reckless risk-taking officials say contributed to the crisis that nearly brought down the financial system last year.
Fed Governor Daniel Tarullo told Congress this week that the Fed would supplement those recommendations with "supervisory initiatives to spur and monitor" industry reforms.
One of those initiatives would be a simultaneous review of incentive compensation practices at the 28 largest firms under the Fed's supervision, he said.
(Reporting by Mark Felsenthal; Editing by Nick Macfie)

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