BofA CEO candidates shy away from tough job

By Joe Rauch - Analysis

CHARLOTTE, North Carolina (Reuters) - It is the most prestigious job that nobody wants.

Bank of America (BAC.N) is searching for a new chief executive, and by all accounts, it is having a tough time finding someone for the job.

Heading up Bank of America, an appealing task in better times, has become unpalatable to potential candidates from outside the bank amid a bevy of operational, regulatory and political challenges.

"This job doesn't have all the advantages it would normally have," said Anthony Polini, an analyst with Raymond James Financial Services (RJF.N).

The bank is struggling to staunch real estate and consumer credit losses, while simultaneously integrating two large businesses-- mortgage lender Countrywide Financial and brokerage Merrill Lynch & Co.

On top of that, government regulators are bearing down hard on Bank of America, issuing a secret regulatory oversight agreement, overhauling the company's board and mandating pay cuts for some top employees. The bank needs to not only maximize shareholder profit, it must also placate regulators and politicians.

As a result, high profile external candidates linked with the job -- like Bank of New York Mellon's CEO Bob Kelly and BlackRock CEO Laurence Fink -- have either declined the post, or denied any interest in the position to begin with.

"Who wants this headache right now? Nobody," said Paul Miller, a bank analyst with FBR Capital Markets.