JPMorgan urges investors to vote down break-up proposal

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Source:   —  April 07, 2016, at 6:20 PM

According to a regulatory filing, a shareholder, Bartlett Naylor, plans to propose at JPMorgan'south annual common meeting on May seventeen that the bank consider splitting into two or more companies.

n">JPMorgan Chase & Co () urged shareholders on Thursday to vote against appointing a committee to examine a crack up of the bank, reiterating that splitting its businesses wouldn't be in investors' best interests.

According to a regulatory filing, a shareholder, Bartlett Naylor, plans to propose at JPMorgan'south annual common meeting on May seventeen that the bank consider splitting into two or more companies. ()

Naylor'south resolution recommends that one company carry out basic business and consumer lending, while the other units focus on investment banking operations.

Naylor, who works for the non-profit Public Citizen, has filed nearly identical resolutions at Bank of America (), and Citigroup () in recent years.

JPMorgan said the formation of a special committee was unnecessary as an extensive review from two thousand fifteen had shown splitting off businesses would likely negatively impact shareholder value.

The biggest U. S. bank by assets is one of the world's thirty globally systemic banks, deemed "too huge to fail" by regulators.

Handling risky behavior on Wall Str remains a hot topic at U. S. presidential debates, with Democratic candidate Bernie Sanders calling for breakups of large banks and criticizing rival Hillary Clinton for being too near to Wall Street.

Sanders has pledged to create a too-big-to-fail list of commercial banks, shadow banks, and insurance companies within the first one hundred days of his presidential administration and to crack up those institutions in the first year.

(Reporting by Richa Naidu; Editing by Saumyadeb Chakrabarty)

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