Bank of America CEO and Chairman Kenneth Lewis is recommending that he and his top lieutenants receive no bonuses for 2008, saying he expects the bank's final results to be below expectations, according to a report from The Wall Street Journal, which cited an internal memo issued today.
This puts Lewis on a long list of CEOs in the U.S. financial services industry to decline bonuses this year.
Bank of America's board still has to verify Lewis' recommendation, the report said.
Charlotte, N.C.-based Bank of America (NYSE: BAC) was among the industry's stronger players, picking up mortgage lender Countrywide Financial and securities firm Merrill Lynch, but it still suffered from broad exposure to consumer credit problems and cut its long-sacrosanct dividend in half.
Other employees at the bank will most likely receive lower bonuses for 2008, according to the report.