Help Wanted at Bank of America

The turkey is now a memory, along with Black Friday, but the CEO role at Bank of America remains empty.

One would think the job would be easy to fill, especially with unemployment breaching the 10% level. This is the third target date it has missed since Ken Lewis made the announcement on September 30th that he would leave http://www.prnewswire.com/news-releases/ken-lewis-announces-his-retirement-62932057.html

The leading internal candidates, Brian Moynihan (head of consumer and small business banking) and Greg Curl (Chief Risk Officer) have had trouble convincing the board he is the right man for the job. Both men have survived the tumultuous days leading up the present financial crisis, including the highly scrutinized Merrill Lynch deal.

Still, there should be plenty of candidates from outside to consider. Wall Street is awash with talent looking for a home. Surely, there must be a candidate who is looking to run his own show, especially at a large financial conglomerate that spans commercial and investment banking, as well as asset management.

I believe Bank of America’s inability to find someone reflects the firm’s dim prospects more than anything else. I wish the new leader luck (whomever he or she might be), since he faces formidable challenges that go beyond the current crisis.