NEW YORK ( TheStreet)-- After what could be a $5 billion trading loss at JPMorgan Chase ( CJPM) and a market manipulation penalty that cost Barclays ( BCS) ex-CEO Bob Diamond his job, clawbacks of executive bonuses are becoming a real prospect on Wall Street. JPMorgan is planning to claw millions in stock compensation from top executives as it prepares to disclose the extent of a trading loss in its 'Chief Investment Office' in second quarter earnings on Friday, according to reports from The Wall Street Journal. Reports of JPMorgan's claw back plans and Barclays' Diamond's forfeiture of $31 million in deferred stock bonuses on his recent ouster related to a Libor manipulation probe both signal that ill-earned multi-million dollar bonuses may be pulled back by investment banks, amid widespread concern over executive pay levels and industry trading practices. The Wall Street Journal reports that JPMorgan is planning to take back millions in stock compensation granted to executives like former CIO head Ina Drew and others at the heart of a trading loss on illiquid credit products. According to the reports, JPMorgan may announce any claw backs in its Friday second quarter earnings, where it will also detail its trading loss on illiquid credit products - known as the 'London Whale.' CIO head Drew, who resigned in May amid the disclosure of a $2 billion loss and concerns about the accounting and management of the bank's risk, was given a $14.7 million in stock-based severance, $2.6 million in pension benefits and almost $10 million in deferred compensation, according to footnoted.com. Other top CIO lieutenants like 'London Whale' trader Bruno Iksil, and group managers Achilles Macris and Javier Martin-Artajo who've all recently stepped down or have been stripped of trading duties, may also have bonuses clawed back, according the The Journal. Overall, JPMorgan may announce a trading loss of $5 billion related to its CIO in second quarter earnings due on Friday, as it unwound what was reported to be a near $100 billion position in obscure corporate credit indices, according to The Wall Street Journal. Since the position may not yet be fully unwound, those reports indicate JPMorgan stands to lose up to an additional $1 billion. According to the 2010 Dodd Frank Wall Street Reform and Consumer Protection Act, banks are now required to disclose their clawback policies and adopt a policy to recover current and former executive bonuses, in the event of an earnings restatement that would have impacted incentive-based pay. Clawback provisions for executive bonus can now be triggered for up to three years after an earnings restatement.