Bank of America board members Chad Gifford and William Boardman are at the top of list to replace CEO Ken Lewis for an interim term of about one year, sources close to the situation told CNBC.

Bob McCann, who ran Merrill Lynch's brokerage divison before the buyout by Bank of America, may take the place of Robert Wolf as the head of UBS America, according to sources within UBS.

Bank of America CEO Ken Lewis won't resign if he is slapped with civil charges from New York Attorney General Andrew Cuomo, but he's likely to leave if he is charged by the Securities and Exchange Commission, sources inside the Bank have told CNBC.

Morgan Stanley Chief Executive John Mack is stepping down and will be replaced by James Gorman, one of the investment bank's co-presidents, CNBC learned. Mack will remain chairman, however.

With the one-year anniversary of the collapse of Lehman nearing, the top players at the firm— former CEO Dick Fuld, President Joe Gregory and CFO Erin Callan—are no longer Wall Street power players.  Yet they are far from forgotten.

Hedge fund manager John Paulson, who earned a fortune by betting against financial companies, bought a $2.7 billion stake in Bank of America and took stakes in other lenders during the second quarter.

Former Merrill Lynch brokerage chief Bob McCann has the inside track to head up the brokerage division of UBS, sources told CNBC.

The U.S. Treasury is plans to roll out its long-awaited Public-Private Investment Program plan.  CNBC has confirmed that two firms will be Wilbur Ross's Distressed Real Estate/debt fund and a joint venture between GE Capital and private investor Angelo Gordon & Co.

The search for Bank of America CEO Ken Lewis' successor has heated up in wake of the ongoing controversy between he and Federal Reserve Chairman Ben Bernanke, CNBC has learned.