A federation of U.S. labor unions is looking to force JPMorgan Chase's board to consider breaking up the company after the disastrous "London Whale" affair, but the bank is trying to ensure that its shareholders do not get to vote on the union's proposal.The largest U.S. bank is seeking permission from the U.S. Securities and Exchange Commission to omit the proposal from the measures that shareholders vote on this spring, according to a letter sent to the agency on January 14.The proposal, from the AFL-CIO's Reserve Fund, a union fund that owns JPMorgan shares, calls on bank directors to form a committee that would explore "extraordinary transactions that could enhance stockholder value," including breaking off one or more of the company's businesses. The panel should hire third-party advisers and make a report to shareholders 120 days after this spring's annual shareholder meeting, according to the proposal.Similar proposals have also been filed with Bank of America Corp, Citigroup Inc and Morgan Stanley, by another union, the American Federation of State, County & Municipal Employees, said Lisa Lindsley, AFSCME's director of capital strategies.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 0.96% or $0.11/share to $11.53. In the past year, the shares have traded as low as $6.72 and as high as $12.20. On average, 164572000 shares of BAC exchange hands on a given day and today's volume is recorded at 127367584.
Citigroup Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. Shares of C traded higher by 1.86% or $0.78/share to $42.80. In the past year, the shares have traded as low as $24.61 and as high as $43.25. On average, 37902000 shares of C exchange hands on a given day and today's volume is recorded at 34416292.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.31% or $-0.07/share to $22.60. In the past year, the shares have traded as low as $12.26 and as high as $22.98. On average, 20805200 shares of MS exchange hands on a given day and today's volume is recorded at 20287756.
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