Bank of America Can't Catch a Break

Advisory votes, however, are not set in stone. They are a means for shareholders who are unhappy with management's policies to express disapproval. Management is free to disregard the results, and it's unusual that disaffected shareholder contingencies garner more votes than the fund managers who control more shares and often side with management.

However, a vote last April that removed Lewis from his chairman seat was an outlier from that trend, and may show a new determination for shareholder activism. Management appears to recognize that shareholder patience is running thin.

Bank of America stock was recently down 3.7% at $14.96. Midday volume stood at just under 117 million, compared to the issue's trailing three-month daily average of 206.7 million.

-- Written by Lauren Tara LaCapra in New York.

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