Bank of America must allow shareholders to vote on a proposal that calls for the company to consider spinning off its investment banking business, after U.S. regulators told the bank it cannot exclude the proposal from its corporate ballot.The March 17 decision by the Securities and Exchange Commission, seen by Reuters Wednesday, marks a victory for Bartlett Naylor, a Bank of America shareholder who works for the non-profit Public Citizen.It also represents a reversal for the SEC, which last year rejected nearly identical resolutions filed by Naylor at Bank of America, as well as JP Morgan Chase and Citigroup. It also has rejected similar plans by other groups in the past.Bank spokesman Lawrence Grayson said the bank "will respond to the proposal in our proxy statement. We do not believe that creating a separate subcommittee on shareholder value is necessary."
Bank of America Corporation (Bank of America) is a bank holding company and a financial holding company. Shares of BAC fell by 0.68% or $-0.11/share to $15.98. In the past year, the shares have traded as low as $14.37 and as high as $18.21. On average, 95378304 shares of BAC exchange hands on a given day and today's volume is recorded at 86366835.