Continuingourcoverage of the search to fill the Worst Job on Wall Street, we have some bad news for the Charlotte tourist bureau.
Bank of America has decided not to force its next CEO to live and work in North Carolina, according to Bloomberg News, in a bid to attract better candidates.
The board, led by Chairman Walter Massey, is also concerned there may not be a deep enough pool of qualified candidates willing to move to Charlotte, 330 miles south of Washington, the people said, speaking anonymously because the search is private. CEO Kenneth Lewis, who is stepping down at year's end, has said Charlotte will remain headquarters as long as he's in charge.
"It does reflect well on the board that they're not going to let the headquarters location limit their selection in terms of CEOs," said Thomas Brown, CEO of New York-based hedge fund Second Curve Capital. "There aren't too many people around the world who think that Charlotte is a major financial center."
New York is the likely new home of BofA's CEO, a move made all-the-more probable by the firm's hugely successful acquisition of Merrill Lynch and the fact that it makes half its money in the city. Just one of the two internal candidates being considered lives in the Queen City--Brian Moynihan, who leads its consumer banking business, lives in Boston--but who cares? Nobody seems to want to hand them the reins, anyway.
Perhaps, however, Charlotte isn't the problem. It hardly speaks well of BofA that no one worth hiring would be willing to move to the Confederacy for the opportunity to run the biggest bank in the U.S. It might have more to do with having to take your marching orders from the Treasury Dept.
Bank of America's Next Chief May Be Based in New York [Bloomberg]