Bank of America Chairman suggests no bonuses

Bank of America Chief Executive and Chairman Kenneth Lewis is recommending that he and his top executives receive no bonuses for 2008. That is according to media reports citing an internal memo sent out Tuesday.

Lewis said he expects the bank’s final results to be below expectations. The reports also said the Charlotte-based bank’s board still has to verify Lewis’ recommendation.

The move puts Lewis on a long list of CEO’s in the US financial services industry to decline bonuses this year.

Bank of America is among several financial institutions that have received financial assistance from the US government.