ALBANY, N.Y. (AP) — New York's comptroller is urging two major banks to tell shareholders which employees are capable of exposing them to major losses because of their portfolios and bonus incentives.
Comptroller Thomas DiNapoli, trustee of New York's $173 billion pension fund, has filed shareholder resolutions at Wells Fargo and Bank of America.
With fund investments in the banks worth $1.2 billion, DiNapoli says he wants to better monitor and limit risk.
Both banks have requested Securities and Exchange Commission permission to omit the proposals from proxy materials.
They say that they already file extensive disclosures on risk and top executives' pay. They also say the comptroller's request concerns ordinary business operations that can be properly excluded.
The commission, which has a pending rule proposal on disclosures, is declining to comment ahead of its decisions.