There was a time when we all speculated about how the office of the CFO had been elevated at top banks. To some, the job had become a stepping stone to the CEO position. If someone could succeed as CFO, surely they were ready to run the whole show. That may still be true; in fact, it may be more true. But unfortunately unqualified job success has been elusive for many big bank CFOs.

We're seeing some interesting CFO moves that have left some scratching their heads. The best example is the fast and odd departure of Howard Atkins as CFO of Wells Fargo, a move that was never fully explained by the bank. It led to a lot of whispering and theorizing that is never healthy.

Bank of America was more forthcoming with its CFO switch. It has elevated Bruce Thompson, chief risk officer, to also take on the role of CFO, which some GRC experts might consider a mistake. He will replace Chuck Noski, current CFO, who will become vice chairman of Bank of America. The explanation was that Noski needed to take a new position because an illness in his family prevented him from relocating to Charlotte, N.C.

And two other top banks, JPMorgan Chase and Citigroup, also have relatively new CFOs, notes the New York Times.

Why the revolving door? It's arguably one of the toughest jobs in the industry. The risk management angles are punishing, and the threat of prosecution hangs heavy with every decision. On top of that, Sarbanes-Oxley requires them to sign off on earnings, putting the onus on them personally. Throw in Dodd-Frank and other new rules, and you've got a job that leaves little opportunity for success.

If someone can succeed, they probably deserve the CEO spot. But that's a big if right now.

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