Goldman Sachs last week lost its bid to keep a shareholder proposal to split the chairman and CEO roles off its proxy statement.
The New York Post reports that the Securities and Exchange Commission informed the bank that it couldn’t block the proposal from being included among a list of proposals at its next annual shareholder meeting.
The proposal was sent by CtW Investment Group, which owns just 25 Goldman shares, for inclusion on the proxy.
In the meantime, the newspaper also reports that it’s the back of the class for Wall Street titans Jamie Dimon and Lloyd Blankfein.
While both their banks passed government-mandated stress tests, they gave themselves higher grades than regulators were willing to award them under various financial doomsday scenarios.
Dimon’s JPMorgan Chase and Blankfein’s Goldman Sachs were docked points for their sizeable trading and fixed-income businesses, where regulators saw more potential for problems than the banks did.