Finding a replacement for Ken is the least of BofA Merrill's worries

Replacing Ken is not proving easy. At the start of November, Charlie Gasparino suggested it might be next week before Ken's successor was unveiled. Yesterday it emerged that it might be next year.

Not knowing who's going to be in charge, and knowing that lots of people don't want to be, isn't a great draw for anyone thinking of making Bank of America Merrill Lynch their home. However, headhunters say it's not the biggest turn-off either.

"The main issue for anyone at BofA Merrill this year is how they're going to get paid," says one. "It's huge."

Concerns about pay follow the outrage over last year's $3.6bn of Merrill bonuses, which were disproportionately dispersed among key individuals.

By comparison, there are fears that BofA will a) pay less overall and that b) top performers will get less of the smaller pot.

According to the Cuomo Report, Merrill Lynch made 696 millionaires last year; BofA made 172. And while Merrill paid bonuses worth $10m or more to 14 people, BofA paid them to four.

"There's a big difference between what people at Merrill and people at BofA have been paid, and they need to bring them closer together if they're going to operate as one firm," says another headhunter.

Also an issue - for the heavily depleted investment banking division at least, is apparently a lack of clear leadership. In September, BofA Merrill appointed three global co-heads for investment banking - Paul Donofrio, Michael Rubinoff and Purna Saggurti.

"Some Merrill bankers are complaining about the tripartite structure," alleges one headhunter. There's a feeling that no one's taking clear responsibility."