Most people assume there's a lot going on behind Ken Lewis' announced departure. Some people think that New York State AG Andrew Cuomo is preparing to bring charges, and this prompted the action. Whatever the reason, a chain reaction has begun, igniting some internal warfare.

According to the Financial Times, two factions have broken out. One camp hails from Charlotte, where the bank is headquartered. The rival camp is centered in Boston, the former headquarters of Fleet Financial Group, which was acquired by Bank of America (BAC) in 2004.

The Boston faction may have an advantage in that three of the six directors on the steering committee to select a new CEO have Fleet roots, the article notes. Brian Moynihan, a Fleet veteran, has been positioned as a leading candidate to take over the job. That is being opposed by the Charlotte crowd. My guess is that the board at large will want to take an active role. An outside candidate may be the best bet for a fresh start. 

For more:
- here's the article

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