Outgoing Bank of America chief executive Kenneth Lewis will get no pay or benefits for his last year of work at the company.
Lewis, chief executive of Bank of America (BOA) for nearly a decade, was scheduled to receive $1.5m (£1m) in base pay this year, but no bonus or other payments, said company spokesman Bob Stickler yesterday.
The change of heart, which will see Lewis leave empty handed, came after a request from the US government’s pay czar Ken Feinberg, Stickler said.
Lewis is besieged by legal probes, led by the New York State attorney general and the US Securities and Exchange Commission, into the purchase of Merrill Lynch late last year.
BOA reports its third-quarter earnings later today.