Business

Bank of America CEO to step down

Bank of America’s CEO, Ken Lewis, will resign his post at the end of the year, ending a tumultuous period for the embattled bank boss.

Lewis informed BofA’s board of directors of his decision at a special meeting today.

Lewis has been besieged by a series of investigations into BofA’s shotgun marriage with Merrill Lynch, led by the New York Attorney General and others. The BofA leader is accused of covering up losses at Merrill in the days leading up to the merger, even as the bank handed out billions in bonuses to top Merrill execs. He faces the threat of criminal charges.

The controversy has badly tarnished Lewis’ once stellar reputation as a manager.

Bank of America is one of the few institutions that has still has not repaid money to Uncle Sam’s Troubled Asset Relief Program. The Charlotte, N.C.-based bank borrowed some $45 billion in cash from the government, and Lewis had vowed to stay on as the bank’s CEO and repay the cash.

A BofA spokesman declined to comment.