Shareholders of J.P.Morgan Chase & Co (JPM.N) and Citigroup Inc (C.N) will get to vote on whether the two banks should break up into smaller pieces, the Wall Street Journal reported, citing people familiar with the matter.
The question will be included in their proxy filings, and voted on at a shareholder meeting later this year, the Journal reported. The vote was requested by Bartlett Naylor, a shareholder in both Citigroup and J.P. Morgan, according to the Journal.
J.P.Morgan declined to comment, while Citi was not immediately available for comment.
The breakup of large banks into smaller ones has been an ongoing issue in the U.S. campaign trail.
Bernie Sanders, who is popular with the Democratic Party's populist wing, has said he will create a "too-big-to-fail list of commercial banks, shadow banks, and insurance companies" and break them up in the first year of his administration, according to prepared excerpts. [nL1N14P143]
(Reporting by Vishaka George in Bengaluru; Editing by Anil D'Silva)
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Published Date: Mar 17, 2016 03:15 AM | Updated Date: Mar 17, 2016 03:15 AM