No front-runner for next Bank of America CEO

updated 5:24 p.m. ET Nov. 12, 2009

CHARLOTTE, North Carolina - With Bank of America Corp. CEO Ken Lewis retiring in less than seven weeks, analysts don't see any candidate emerging as a front-runner for his successor.

The bank said this week that Lewis' replacement could be announced by late November. The board is considering a handful of insiders including Chief Risk Officer Gregory Curl and Brian Moynihan, the head of consumer banking. Other heads of Bank of America's major business units are also being considered, the bank has said.

The company has not identified any external candidates, but media reports have said Bank of New York Mellon Corp. CEO Bob Kelly remains a possible candidate although he has repeatedly expressed his lack of interest.

The search has turned into a difficult task, said Bart Narter, a senior vice president at consulting firm Celent.

"This is one of the most complex companies out there," Narter said. "You need to find someone who knows how to run an investment bank, a retail bank, and a mortgage bank, and a credit card business. That's tough."

Chances of inside candidates
Curl, 60, has been with the bank since 1996 and became chief risk officer in June. If chosen, it's possible his term could be for a transitional period of one to three years.

Curl was a key player in negotiating the bank's acquisition of Merrill Lynch & Co. in January, which could potentially hurt his chances of getting the job, some analysts say. Bank of America's new CEO will need to restore the company's relationship with federal regulators and improve its standing with members of Congress who have sharply criticized Lewis and the bank for much of the 11 months since the Merrill Lynch deal closed.

Lewis is believed to have decided to leave the bank because of the strife that has surrounded Bank of America over the Merrill Lynch acquisition. And the company has become more conciliatory toward regulators since Lewis' planned departure was announced Sept. 30.

Moynihan, 50, joined the bank in its 2004 FleetBoston Financial Corp. purchase. Over the past year he has served in several roles, including general counsel, head of global wealth management and consumer bank chief.

Although he has broad experience, Moynihan might be looked at as having been too close to Lewis.

"Investors are going to want someone with experience, but an outside voice," said Tony Plath, a finance professor at the University of North Carolina at Charlotte.

Other inside candidates include Tom Montag, 52, who runs the bank's global markets unit and took over the global corporate and investment banking unit in August during a management shake-up; and Barbara Desoer, 57, who has led the bank's mortgage unit since the July 2008 purchase of Countrywide Financial Corp.

MORE FROM U.S. BUSINESS

U.S. business Section Front

House passes historic financial rules revamp Boeing: 787’s first flight may be Dec. 15 Automakers, banks slapped with pay limits SEC widens probe of BofA, Merrill deal CNBC: Two economic bubbles defined his life Craigslist founder: Never saw eBay's ad site One year later, Madoff case is far from over Bailout for Main Street instead of Wall Street? Craigslist founder testifies eBay broke promises McDonald's serving up breakfast dollar menu U.S. business Section Front   Add U.S. business headlines to your news reader: