Bank of America chief Ken Lewis to resign

Bank of America (BAC) president and chief executive Ken Lewis will resign by the end of the year, the Charlotte, N.C., banking giant announced after stock markets closed Wednesday.

Lewis, whose company is under investigation by regulators, was not asked to resign from his posts and the decision was not related to the scrutiny the company has received regarding its hasty purchase last year of Merrill Lynch, CNBC reported. In addition to Congress and the Securities and Exchange Commission, BofA has also come under the scrutiny of Andrew Cuomo, New York state's attorney general.