NEW YORK: Shareholder activists affiliated with union coalition Change to Win said they were considering lobbying investors to vote against directors and chief executives at six US banks that lost about US$100bil last year.
CtW Investment Group, which works with pension funds sponsored by unions representing six million workers, had sent letters to 22 board members at six banks that lost a combined US$250bil of shareholder value last year. The six banks are Citigroup, Morgan Stanley, Merrill Lynch, Bank of America, Wachovia and Washington Mutual.