Banks face activists in proxy season

CtW Investment Group represents nearly 6 million workers' plans to take six banks to task this year for allowing the credit crisis to sock it to shareholders. Morgan Stanley will start off the fireworks at its April 8 shareholder meeting. Citigroup, Bank of America, Merrill Lynch, Wachovia and WaMu also are on the list. CtW's campaign may be undercut by the fact that it does not own any shares. Financial News Online notes that it has not filed any proxy proposals; instead it is focusing on a letter writing campaign to directors. CtW has asked for information on how they managed the risk involved and whether they were satisfied with management controls.  

For more:
- here's the Financial News Online article

Read more on: Morgan Stanley | Citigroup | Bank of America | Merrill Lynch