Update: Bank of America's CEO search

The Bank of America (BAC) board is under a lot pressure to find a new CEO. It basically has until Jan. 1--that's when departing CEO Ken Lewis will step down. There could be an interim CEO announcement, but for now the board seems to be moving toward a permanent pick.

The board may have been dealt a tough blow when the CEO of Barclays, Robert Diamond, took himself out of the running, as reported by CNBC. Barclays has flourished under him, and he would've been a nice external pick. "If Diamond wanted the job it would have been hard not to give it to him," says the network. 

The new front runner is now unclear. CNBC notes that there are two main internal candidates Greg Curl, the chief risk officer, and Brian Moynihan, the pride of the Fleet faction. It seems that most of buy-side community wants an outsider to come in and re-imagine the place. At this point you have to wonder, if they go with an internal candidate, it may well seem like a defeat. The main benefit of an insider is continuity. Which may be a hard term to sell right now. 

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