BofA CEO faces angry shareholders

CHARLOTTE, N.C., April 26 (UPI) -- Bank of America chief executive Ken Lewis faces significant opposition heading into this week's shareholders meeting in Charlotte, N.C., observers say.

Lewis' backers cite his commitment to keep the bank in the North Carolina city and say it's no time to change leadership after the institution accepted $45 billion in federal bailout loans following its acquisition of the struggling Merrill Lynch brokerage firm, the Charlotte Observer reported Sunday.

But Lewis and his board of directors will be targeted by political and labor groups ahead of the shareholder's meeting, who say they will picket BofA branches, calling for the ouster of Lewis and the chief executives of all banks that tapped taxpayer dollars to stay afloat in the wake of the financial crisis, the newspaper said.

Some disgruntled institutional shareholders say they were misled by Lewis into voting for the Merrill Lynch acquisition, not realizing how hard it had been hit by tanking investments, the Observer said. But Bank of America's management has reportedly launched its own campaign aimed at shareholders, hiring consultants to talk up Lewis' performance and persuade shareholders to vote with management.