Skip to main content

CHARLOTTE, N.C. (

TheStreet

) --

Bank of America's

(BAC) - Get Bank of America Corp Report

search for a new CEO has narrowed to two internal candidates, a report says, but the board is still keeping its eyes open for a new chief outside the company.

The inside candidates are Chief Risk Officer Gregory Curl and Brian Moynihan, BofA's consumer and small-business banking chief, the

Wall Street Journal

reports, citing people familiar with the situation. The board's search committee also is looking over the resumes of external candidates and the process remains fluid since other names could come up as potential CEOs.

The search committee is expected to meet for the first time later this week, followed by a meeting of the full board Friday.

If the 61-year-old Curl was named CEO, he likely would keep the job for no more than two years, the

Journal

reports. Moynihan, 49, likely would be a longer-term choice.

Among financial-services executives not at Bank of America, those discussed by the board include Gregory Fleming, former president and chief operating officer of

Scroll to Continue

TheStreet Recommends

Merrill Lynch

, according to people familiar with the matter, the

Journal

reports.

The job of naming a new CEO got tougher this week as it was reported that the Obama administration's pay czar, Kenneth Feinberg, would be forcing financial firms to slash cash salaries. More pay would be in the form of stock that can't be redeemed for a number of years.

The decision creates

additional stress for BofA

, which is looking over candidates for the CEO post in a time frame of just a few months following the surprise announcement last week of CEO Ken Lewis' impending departure at the end of the year.

-- Reported by Joseph Woelfel in New York

.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.