BOSTON (Reuters) - An executive for State Street Global Advisors said it voted to let Bank of AmericaBAC.N Chief Executive Brian Moynihan keep his additional title of chairman, votes that helped him retain the role at the bank's shareholder meeting held earlier on Tuesday.
Rakhi Kumar, head of corporate governance for State Street Corp’s asset management arm, said in an interview that the votes were meant to allow Bank of America’s board “the flexibility to chose their own leadership structure.”
State Street Global Advisors holds 426.9 million shares in Bank of America, making it the second-largest investor in the Charlotte, N.C. bank behind Vanguard Group.
Reporting by Ross Kerber in Boston; Editing by Meredith Mazzilli
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