The Bank of America situation is nothing if not fluid. For a strong reflection of that, we need only note that people are already talking about Thomas Montag as the successor to current CEO Brian Moynihan.

This is all a bit premature, despite the speculation that it could happen sooner rather than later. In any case, Montag has found himself in a good spot if his goal is run a big bank someday. When he joined Merrill Lynch in May 2008--just before the storied firm nearly cratered--he seemed like he made a bad move by leaving Goldman Sachs, where he was co-head of the global securities business. But he stuck it out and was rewarded with massive compensation packages in 2009 and 2010 and by being named co-COO in charge of the profitable commercial side of the bank.

Given his job pedigree, he may indeed be the front runner. But if his co-COO can get the consumers side turned around--which would be a mighty impressive feat--wouldn't David Darnell also demand some recognition that night lead to the top spot?

If Moynihan were to step down right now, Montag might get the nod, if only on an interim basis. But at some point, the board will have to ask: What kind of a bank is Bank of America at its core? Does its aspire to be an investment bank or a consumer bank? It can be both, but there's a not a great track record of being great at both. In any case, we can only hope that this talk is premature. Moynihan isn't slowing down one bit.

For more:
- here's a Reuters profile

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