Career Moves

Bank of America Chief Stepping Down

Ken Lewis will leave at end of year.

Out with the old, in with new: Bank of America Chief Executive Ken Lewis will celebrate 2010 by stepping down from his office on January 1. Lewis faced tough scrutiny in recent months, following disclosures of massive losses stemming from BofA's merger with Merrill Lynch, as well as big bonuses in the wake of the move. The House oversight committee only increased the pressure when it demanded the bank allow legal documents related to the merger to become public; bank management is facing persistent questions over what it told shareholders about the merger. Lewis ran the bank for nearly a decade, building it into one of the nation's largest through aggressive acquisitions.