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Bank of America Told to Consider Breakup

CHARLOTTE, N.C. ( TheStreet) -- Bank of America (BAC - Get Report) was told by at least two CEO candidates that it should consider breaking itself up, but the idea has been rejected for now, a report says.

It's the latest obstacle in Bank of America's search to replace Ken Lewis, who in late September announced plans to step down.

Bank of America's board last week didn't reach its goal of announcing a new CEO by Thanksgiving.

A spokesman last week said the CEO search committee would make a decision in the near future, after Bank of America let pass the third target date it set to find a new CEO since Lewis' announcement.

The Wall Street Journal reports Bank of America spokesman Robert Stickler reiterated his comments from last week, saying the bank was "still considering internal and external candidates" and seeks to have a decision soon.

The CEO candidates who have questioned the size and scope of Bank of America include Michael O'Neill, a Citigroup (C - Get Report) director and former CEO of Bank of Hawaii, the Journal reports, citing people familiar with the discussions.

O'Neill told the Bank of America search committee that the bank's risk-adjusted capital wasn't being used productively, adding Bank of America should become simpler and less prone to volatility, the Journal reports.

Another CEO candidate told the board it should look seriously at its business plan and consider the possibility of shedding certain operations, according to the Journal.

-- Reported by Joseph Woelfel in New York .

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