Business Week Online notes that the future of Merrill Lynch is on the line. If the issue is shareholder value and how to unlock it, there are two extremes. On one hand, a future CEO might nod to Goldman Sachs and Morgan Stanley and push the bank toward more of a trading model that leverages the assets. The appeal is obvious, just look at what Goldman Sachs has done recently from an earnings perspective. On the other hand, a future CEO might choose to steer the firm back toward its roots as a retail brokerage firm. That would seem to offer lower margins but perhaps a bit more safety, a lower bar if you will. Candidates will be expected to have a vision.  

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