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March 14, 2013

Banks Bow to New York on Clawbacks

Three more top banks, including Citigroup Inc., will broaden their clawback policies to cover more executives, increase disclosures or add potential triggers.

The moves increase to six the number of leading financial companies that have bowed to pressure from the New York City’s Comptroller’s Office.

Comptroller John C. Liu also appears to have broken new ground, with Capital One Financial Corp. agreeing to make public the total dollar amount of pay it claws back.”

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Read full Wall Street Journal article here

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