The newspaper reports that New York’s $184.5bn Common Retirement Fund — the third-largest such fund in the country — will vote to split Moynihan’s dual role as chief executive officer and chairman, sources said.
The vote is scheduled for September 22, and the outcome is expected to be very close.
Both the bank and opponents of its move to allow Moynihan to keep the two titles are scrambling to round up support.
In opposing the measure, New York’s pension fund, overseen by Comptroller Thomas P. DiNapoli, joins CalPERS and CalSTRS, the two California pension funds that each own about 1% of the shares of the bank.
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