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The Citibank Building is shown, Tuesday, Oct. 16, 2012 in New York.
The Citibank Building is shown, Tuesday, Oct. 16, 2012 in New York.
(Mark Lennihan/AP)

Bonus clawbacks proposed, but will they be used?

Five years after the financial crisis, major global players are finally getting serious about bonus clawbacks. The question now is whether bank boards will ever exhibit the grit necessary to enforce them.

In the past two days alone, the Bank of England proposed new rules that would order British banks to claw back bankers’ bonuses if they acted inappropriately and Citigroup inserted tougher language into its proxy circular, expanding its right to take back money or shares that had already been paid.