Chillin' out till it needs to be funded
Bank of America’s chief executive, Kenneth D. Lewis, is joining the growing ranks of top banking executives who are giving up their annual bonuses after a dreadful year in the financial industry.
Mr. Lewis told Bank of America employees in an e-mail on Tuesday that he had recommended to the company’s board that he and other senior executives receive no bonuses for 2008. He said he expected the board to accept the recommendation.
Mr. Lewis’s decision comes less than a week after Citigroup’s chief executive, Vikram S. Pandit, said he and the bank’s chairman, Winfried F. W. Bischoff, would forgo their bonuses and slash the amounts paid to other senior executives by at least 40 percent.