I've noted recently that it might be a mistake to go with an internal candidate in the hunt for a new CEO at Bank of America (BAC). But the board is finding that hiring an outsider is not very easy. There would appear to be few qualified candidates--a fact highlighted by the refusals of the Barclays CEO and Bank of New York Mellon (BK) CEO to consider the job.

No doubt the job has "set up to fail" written all over it. No one would want to take the job only to become another Vikram Pandit, but another complication now arises. Let's say a solid outsider cannot be found. That would leave the job to Gregory Curl or Brian Moynihan, the two inside candidates. The problem is that they will be seen as second-choice candidate, who got the job because no one else wanted it. The clock is ticking for the Bank of America board.

For more:
- here's the article from TheStreet.com

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