Ken Lewis, the beleaguered CEO of Bank of America, announced Wednesday that he will retire at year's end.

Ken Lewis, the embattled chief executive of Bank of America , will step down at the end of the year, putting an end to a turbulent eight-year tenure and triggering a crowded race to succeed him.

NEW YORK - Bank of America Corp. says its embattled CEO Ken Lewis will retire from the bank by the end of the year. The bank has issued a statement Wednesday saying Lewis would also leave the board of the bank.

(AP:CHARLOTTE, N.C.) Bank of America CEO and President Ken Lewis plans to retire at year end. Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Bank of America CEO Ken Lewis plans to retire at year's end, according to the bank.