In the end, the end came fairly quickly. These things usually do. Bank of America announced the retirement of CEO Ken Lewis Wednesday. He will step down at the end of the year.

Here's what the smart money said about the news:

'It's a good thing for the company to make a clean break and move forward. Ken Lewis has been overly targeted in term's of how things played out. But, the fact is, perception is reality in these situations'.

Walter Todd, Portfolio Manager, Greenwood Capital Associates (Reuters)

'I think the jury is out on whether the Merrill deal was or was not a good strategic move. And it is hard not to sympathize with Lewis for the pressures he faced from the government to complete the acquisition. But his decision to first bail out and then buy Countrywide shows that he did not understand how badly the banking system had performed in the great mortgage boom'.

Floyd Norris (The Wall Street Journal)

'For Mr Lewis, it was death by a thousand cuts, as the earnings generated by BofA's Merrill Lynch subsidiary were overwhelmed by regulatory setbacks and squabbles'.

The Financial Times

'This was a necessary and overdue change. The onus is now on the board to engage with shareholders to name a successor who can quickly restore Bank of America's credibility with regulators and investors'.

Michael Garland, spokesperson for investment group Change To Win (The New York Times)

'He's drifting out to sea like a dying Eskimo, knowing the company can do better and thrive without him'.

David Hendler, analyst, CreditSights Inc (Bloomberg)

'We hope that Bank of America's new leadership will quickly repay American taxpayers, and help us finally resolve unanswered questions about (the Merrill Lynch) merger'.

Edolphus Towns, Chairman of the House Oversight & Government Reform Committee (Bloomberg)

'I will simply say that this was my decision, and mine alone'.

Ken Lewis (The Wall Street Journal)

'Mr Lewis's decision to step down will have no impact on our continuing investigation'.

Andrew Cuomo, New York State Attorney General

'If you were trying to look at Ken Lewis and what he's done for Bank of America, including the acquisition of Merrill Lynch, he is one of the most effective CEO's that any bank has ever seen in this country'.

Richard Bove, analyst, Rochdale Securities

'Ken Lewis was shot with his own gun. What will be debated in the next few weeks and months is exactly who pulled the trigger'.

The Wall Street Journal

And how did Bank of America's stockholders react to the news ? The bank's shares were up 1% after hours Wednesday, adding $1.5bn to the company's market cap.

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