The Bank of America board is feeling pressure from investors to find a replacement for departing Chief Executive Officer Ken Lewis before the end of the month, CNBC has learned.
The decision "will likely happen in weeks, not months," a person close to the Bank of America board said. A decision on the timing will likely come sometime this week.
The general consensus of the board is to have a selection ready by the board meeting scheduled at the end of October. Whether the new CEO will be permanent or on an interim basis will depend on how old the selected person is.
If the selection is for an interim CEO, that person will likely stay for a year or two rather then a few weeks.
There is a growing chorus of analysts that say the current list of Bank of America insiders being considered for the job isn't good enough and that the company needs to look outside.
Possible candidates could be Bank of New York Mellon Chairman and CEO Robert Kelly or BlackRock Chairman and CEO Larry Fink. Bank of America holds a 49 percent stake in BlackRock, but Fink has said he isn't interested in the job.
Another possibility that many insiders and analysts are tipped as a good interim CEO is former Fleet CEO Chad Gifford, but Gifford is playing down the idea of him taking the job.