Bank of America to extend job hunt

City A.M. Reporter
BANK of America may extend its search for a new chief executive into next year if its board is unable to pick a candidate in the next four days, according to a report on Bloomberg News.<br /><br />The story cites unnamed people familiar with the matter who had spoken&nbsp; ahead of a November 20 meeting about the search for a replacement for outgoing chief Kenneth Lewis.<br /><br />Bloomberg said that at least four external candidates including Citigroup director Michael O&rsquo;Neill had rebuffed approaches.<br /><br />The report said that directors may go extend a November 26 target date for an appointment and beyond Lewis' expected December 31 retirement date. A representative for Bank of America was not immediately available for comment.<br /><br />The Wall Street Journal had reported on Friday that Lewis may delay his retirement beyond year-end if his replacement is not found by then.<br /><br />Bloomberg said that the company is under pressure to pick somebody who would take a low enough pay package that it would win approval from the <br />Treasury Department paymaster, citing the unnamed sources.<br /><br />It said other executives who did not want to take the job include William Winters, former investment banking co-head at JPMorgan Chase, US Bancorp chief executive Richard Davis and Eugene McQuade, who oversees Citigroup&rsquo;s largest banking subsidiary.<br /><br />Lewis will receive no more pay for 2009 and will have more than $1m (&pound;606.7m) of his prior compensation clawed back, according to a deal struck by the US government&rsquo;s pay czar Kenneth Feinberg.