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During last year's proxy season, 14 large and midsize banks reported granting special awards in an effort to retain C-level executives. So far this year, just four banks have done so, reflecting a gloomier economic outlook, consultants say.
JPMorgan Chase CEO Jamie Dimon and Bank of America Vice Chairman Paul Donofrio were among the high-level executives who last year received multimillion-dollar retention payments. The awards sometimes known as “golden handcuffs” were driven by the most competitive job market in recent history.