"Mr. Lewis held a phone call with the bank’s board earlier Wednesday to tell them that he had decided to retire, said two people briefed on the situation. The board accepted his decision but did not name a successor. The board will continue evaluating possible successors.

Mr. Lewis, 62, has been under immense pressure since the bank merged with Merrill Lynch at the start of the year. He struck a deal to purchase the investment bank last fall, a move that pushed Bank of America toward a second bailout from the government in January.



Bank of America, which has received $45 billion in taxpayer bailout money, last week announced several measures to cut its reliance on federal aid. Shareholders, upset about the second bailout and the dilution of their shares caused by the deal, voted in the spring to strip Mr. Lewis of his chairmanship. That was a major blow to Mr. Lewis, but he showed no signs at the time of a willingness to depart."