Edward Najarian, head of bank research, ISI Group, says that Brian Moynihan, Bank of America's new CEO, is the best choice (the bank could find) for the company, after the bank spent a few months searching for an outside candidate with little luck. However, an external candidate may have been a better choice because they could have been some new blood into Bank of America. Najarian says that because Moynihan has spent most of his time in the wealth management group and that the board spent a long time looking for an outside candidate, it seems the board would have preferred to select an outside candidate.
Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio