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Federal regulators will be able to take back two years of pay from executives held responsible for a large bank's failure.

Executives deemed "negligent" and "substantially responsible" for a big bank's failure can lose all their compensation from the previous two years under a rule approved Wednesday by the board of the Federal Deposit Insurance Corp.

Regulators recover pay failed bank executives GARP

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Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.

Cuomo, in a report on months of investigation into compensation paid by the banks, said employee pay "has become unmoored from the banks' financial performance."

Representatives of the banks either declined comment on the report or could not comment immediately.

"There is no clear rhyme or reason to the way banks compensate and reward their employees," said the report by Cuomo, New York's top legal officer, who began his probe last October amid taxpayer complaints about Wall Street pay.

Even in one of Wall Street's worst years on record, at least 4,793 bankers and traders received more than $1 million in bonus payments, according to the report.

Wall St pay performance