JPMorgan Chase (JPM) is pushing back against a shareholder proposal to let investors vote on whether the bank should consider taking itself apart.

The nation's biggest bank by assets has asked the Securities and Exchange Commission for permission to withhold a proposal by the AFL-CIO's Reserve Fund from proxy materials the company will send to shareholders this spring. The labor union wants the bank's board to form a committee to explore "an extraordinary transaction resulting in the separation of one or more of JPMorgan's businesses."

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