JPMorgan looks to block shareholder proposal on bank break-up

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JPMorgan looks to block shareholder proposal on bank break-up

JPMorgan looks to block shareholder proposal on bank break-up

Bloomberg-

* Union says ‘Whale’ loss is reason to divide JPMorgan

* AFL-CIO fund says bank has become too big to manage

* Another union group targets Bank of America, Citigroup

By Rick Rothacker and David Henry

Jan 24 (Reuters) – 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.

[BLOOMBERG]

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