BofA (BAC) Gets Unwanted Advice From Unwanted CEO Replacements

No less than two candidates for the vacant CEO position at Bank of America Corp. (NYSE: BAC) have suggested that the bank should break up, according to a report in the Wall Street Journal, citing people that are familiar with the matter.

The search for a replacement for outgoing Chief Executive Kenneth Lewis has included both internal and external candidates. Lewis is set to retire at the end of the year.

Michael O'Neill is one candidate that believes that Bank of America needs to become simpler. O'Neill is director of Citigroup Inc. and former chief executive of Bank of Hawaii Corp.

According to the report the search committee told O'Neill that the business model is good 'as is' and that he may not be a good fit for the opening.

Serious reassessment of the bank's business plan has been suggested by one other candidate, due to the regulatory scrutiny that Bank of America is facing.

The main focus of the company remains finding its next chief executive, however according the Journal, Bank of America may revisit current business strategy in the future.

There is growing calls from investors that Ken Lewis should stay in the top spot, although he said today that he doesn't plan on serving as CEO next year.

Shares for Bank of America are down 1.79 percent in late market trading to $15.61.

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