Bank of America chief executive officer Kenneth Lewis will take neither pay nor bonus for 2009, a spokesman for the bank has told Bloomberg. “Lewis felt that it was not in the best interest of Bank of America to get involved in a dispute with the pay master,” he said.

The decision was based on advice from the government pay supervisor Kenneth Feinberg.

Mr Lewis has faced criticism from regulators and investors for not disclosing losses and bonuses at Merrill Lynch before shareholders voted to approve the acquisition in December 2008.

The CEO had a base salary of $1.5 million for the past three years and must give back remuneration already received in 2009, the spokesman said. He declined to comment on whether Mr Feinberg is seeking to reduce Mr Lewis’s approximately $125 million of retirement benefits built up over 40 years at the bank.

Bannk of America's purchase of Merrill Lynch, completed in January, has created the world's biggest wealth manager by size of assets.