Ken Lewis is resigning as Bank of America's president and CEO effective Dec. 31.

Richard Kovacevich's decision to step down as chairman of Wells Fargo after 23 years with the bank opens the door for president and CEO John Stumpf to take the helm of the $1.3 trillion-asset bank. The long-expected transition takes place at year's end. Kovacevich, 65, will retire in 2010.

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