Lewis is among the many Wall Street chief executives that are not receiving bonuses amid heavy losses for the industry, share price plunges and government rescues.

Lewis sent the eight employees directly underneath him an email that said the decision was difficult, but that "we are a pay for performance company," the Charlotte Observer reported.

A Bank of America spokesman confirmed the contents of the email.

Lewis joins Citigroup Inc's Vikram Pandit, JPMorgan Chase & Co's Jamie Dimon, and others forgoing 2008 bonuses.

(Reporting by Dan Wilchins; Editing by Andre Grenon)