U.S. Markets closed

Fed's concerns push banks to better control bonus pay, WSJ reports

U.S. banks are paying attention to the Fed's concerns about the size of executive pay and its role in financial industry risk-taking, reports the Wall Street Journal. Seven large U.S. financial-services firms, including PNC Financial (PNC), Capital One (COF) and Discover Financial (DFS) said they are scaling back the maximum bonuses awarded to executives who beat their performance targets, according to regulatory filings.