A lawyer may be next in line to succeed current CEO Ken Lewis.
This is not a shot at lawyers per se. Boards often appoint individuals as CEOs with a certain skill set to address specific problems. Usually, if a lawyer is being considered for the position of CEO, it is because his skills are needed to navigate legal issues the company faces, not because of his business acumen. As the article states
If Bank of America appoints Moynihan, it is because they feel the need to address the regulatory environment in Washington, not to build shareholder value. Thus, BofA is likely to underperform the bank group over the next several years.
The last lawyer appointed to the position of CEO of a big bank was Charles Prince of Citigroup because of his adept handling of various legal issues Citi had gotten itself into. And we all know how well that turned out.