A group that works with union-affiliated pension funds called for the ouster of Bank of America Corp
Shares of Bank of America, the largest U.S. bank, have fallen 90 percent since the merger was announced September 15. The merger closed on January 1.
Lewis took outsized, reckless risks by acquiring Merrill Lynch in the midst of severe financial uncertainty, and his removal is necessary to restore investor confidence, CtW Executive Director William Patterson wrote in a March 5 letter to O. Temple Sloan, Bank of America's lead outside director.
CtW said that if Lewis is not removed, shareholders should vote against the reelection of Lewis, Sloan and corporate governance committee chair Thomas Ryan to the board. Ryan is chief executive of CVS Caremark Corp
Bank of America's annual meeting is scheduled for April 29, down the street from its Charlotte, North Carolina, offices.
Bank of America, Sloan and Ryan did not immediately return calls seeking comment.
Shares of Bank of America fell 22 cents to $3.37 in morning trading on the New York Stock Exchange.
(Reporting by Jonathan Stempel; editing by John Wallace)