The directors, who met last week, may be willing to go past their 26 November target and the scheduled 31 December retirement date of of CEO Kenneth Lewis if it means getting a more acceptable choice.

At least four external candidates, including Citigroup director Michael O’Neill, rebuffed approaches. Options include an interim chief or a delay in Lewis’s retirement.

One key consideration is how acceptable any candidate will be to the US Treasury Department and the regulatory authorities, as BoA has received assistance - along with other major banks - under the US bailout programme.

The replacement for Mr Lewis has been closely watched in the political as well as banking industry. Mr Lewis is departing the role amid claims that BoA had not fully disclosed the magnitude of the losses sustained by Merrill Lynch shortly before Bank of America bought the brokerage and investment giant in a deal that was completed in January this year. BoA/Merrill Lynch is now the world’s biggest wealth management firm by size of assets.

To date, BoA has not responded to this publication’s requests for comment on the matter.