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 Bank of America Corp.'s (NYSE:BAC) earnings topped analysts' expectations, but investors are still not pleased with the recent moves made by CEO Ken Lewis. In premarket trading, Bank of America's stock fell 5.7% and sunk to 8% as the market opened. Why? Nonperforming assets totaled $25.74 billion, up 41% from last year, according to Reuters. As the earnings press release states: "The provision for credit losses of As unemployment rises, Bank of America could hurt the bank and the rest of the industry, according to The Wall Street Journal. How are investors reacting? Walter Todd, a portfolio manager at Greenwood Capital Associates LLC, which invests $650 million and owns Bank of America shares told Reuters, "The biggest question I have is, what is going on with these nonperforming assets?" Richard Eliasberg, an investor in BofA, told New York Times DealBook, "For the first time, I'm disappointed." Meanwhile, two more proxy-advisory firms, RiskMetrics Group and Glass Lewis & Co., joined Proxy Governance along with The CtW Investment Group and Finger Interests Number One Ltd., which is lobbying fellow shareholders to oust chief executive Ken Lewis and two other board members. Service Employees International Union also released a four-minute video on Thursday urging BofA shareholders to "fire Ken Lewis," according to the Financial Times. Egan-Jones Proxy Services, on the other hand, is asking shareholders not to back a proposal to have separate Lewis' chairman and chief executive roles, saying it is up to the board to determine that, according to The New York Times. Dealscape invited Jonathan Finger by to discuss the proxy against Lewis along with Bank of America earnings. Finger said that the positive first-quarter earnings won't keep him from pursuing his proxy fight. See the video below. - Maria Woehr Also see: Jonathan Finger on why BofA's Lewis must go Ken Lewis has one foot out the door BofA's Lewis' time almost up BofA's first quarter tops all of 2008 See BofA results See Corporate Dealmaker post on Merrill integration See BofA earnings preview See Deal Video interview with Finger Investments See Dealscape post on Citi's results
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