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U.S. Regulator Sides With Bank of America Corp And Other Three Banks On Avoiding Break-up Votes-Reuters

Wednesday, 13 Mar 2013 10:54pm EDT 

Reuters reported that U.S. regulators have agreed with four of the country's biggest banks that they will not have to hold shareholder votes at upcoming annual meetings over whether the institutions are too big. The Securities and Exchange Commission rendered its decision in nearly identical letters to JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc and Morgan Stanley that were posted on the agency's web site on Wednesday. The letters said agency lawyers agreed with the banks that they need not conduct shareholder votes on proposals from labor and religious groups calling for bank directors to explore breaking up the companies. The four banks are among the six biggest in the country and are prominent in public arguments over ending too-big-to-fail bailouts. The proposals would have allowed shareholders to call for directors of the banks to appoint committees to consider 'extraordinary transactions', including breaking up the companies.