no better guy to talk about this than charlie gasparino. charlie, what is the latest? >> our long national nightmare is coming to an end. not really. he has notified the board of directors of bank of america that he will step down by the end of the year. sources tell cnbc this was his decision, they're telling me, not the board pressure, not regulatory pressure but he thought take one for the team, so to speak. he's come under a lot of pressure stuff, all the bonus stuff, the cuomo investigation. but ken lewis is out. that will be by the end of the year. and what they're telling me inside b of a, and we are speculate about this all day long, is that it's his decision, he wants to go, he wants to spare the company further turmoil, and he does have a succession team. we have five names we should put up there. these are the guys that are possibly -- do we have those names or do you want me to read them out in. >> why don't you go ahead and -- >> these are five or six names -- by the way, there's no successor named right now. i think that's going to be done in the next cou

tonight on "fast money" after breaking the news of ken lewis' departure, charlie gasparino joins us toebate who is likely to replace ken lewis. up next, a look at the hottest toys from the holiday season. >>> one year later and the dust hasn't settled as another wall street head honcho rides off into the sunset. who is next on the wanted list? charlie gasparino mounts up and gives us more street straight shooting. >>> and it's all eyes on tomorrow's big jobs report. a top economist tells us this report puts an end to seven months of stock gains. >>> plus the lightning fast liquidator eases off the pedal for the fourth quarter for a slow energy trade for the long term on america's post-market show tonight. >>> second hour of "power lunch" gets under way for this first day, the trading day of the fourth quarter. i'm bill griffeth. the dow down more than 140 points.coa and travelers the on blue chips not seeing minus signs. >>> in testimony before a house panel, bernanke has been advocating a slightly less aggressive approach to regulatory reform than the obama administration has been pus

charlie gasparino joins us with the latest news and gossip on who the successor might be. what are you hearing, charlie? >> well, less gossip and more news. listen, the bottom line is, the bank of america board met today. there clearly is a preference of going to people with knowledge of this meeting for an insider, someone at the firm right now to take over. however, the board is feeling pressure, sources tell cnbc to open this up to the outsiders. so they are now determined to open this search up to outsiders. that doesn't mean an insider won't get it. but they're clearly going to look and evaluate outside candidates for the job to replace lewis. kind of interesting, the inside candidates, i think, come down to two. greg hurl, the head of risk and guy moynihan, who runs the retail bank. if you haven't read it already, there's a great story on the street.com which talks about greg curl, how the guy is relatively unknown guy on wall street, that was behind the scenes, putting together bank of america over the last sort of ten years or so. very interesting work hand in hand

there it is "the sellout" by charlie gasparino. november 3rd. chaz, thanks as always. >>> do not go anymore. "the word" continues here in a minute on "fast." a chart at today's sell-off. a bigger breakdown, we'll have the answer. and plus, this coming up -- >>> intrigue hitting the land of big media. will nbc universal have a new dance partner? are the french looking for a way out? guy adami channels his inner bogey to soft case. >>> and plus stocks gyrating to end the year, the liquidator says keep simple with a slow money trade that will pump profits on the long term. night. welcome back to "fast money." we're live at the nasdaq marketsite. october kicks off with a triple-digit loss on the dow. sixth loss in the last seven days. does this mean that we're in for a deeper fourth quarter sell-off? here to take a looking at the chart, the chart man. market strategist. back at ec, at chart central. carter, what do you see? >> pretty good. well, it's dynamic period, as always. and this is a critical moment for the market. let's take a look. here's t

there it is "the sellout" by charlie gasparino. november 3rd. chaz, thanks as always. >>> do not go anymore. "the word" continues here in a minute on "fast." a chart at today's sell-off. a bigger breakdown, we'll have the answer. and plus, this coming up -- >>> intrigue hitting the land of big media. >>> welcome back to "fast money." we're live at the nasdaq marketsite. october kicks off with a triple-digit loss on the dow. sixth loss in the last seven days. does this mean that we're in for a deeper fourth quarter sell-off? here to take a looking at the chart, the chart man. market strategist. back at ec, at chart central. carter, what do you see? >> pretty good. well, it's dynamic period, as always. and this is a critical moment for the market. let's take a look. here's the s&p. what i have you here is the trend since the march low. and it's fairly precise within a standard deviation or two in terms of the march to september recovery. and what's happening is we're starting to lose some ground, in terms of the ability to stay within that channel

we're joined by our on-air editor, charlie gasparino. charlie, what do you think? is this a possibility? >> i just got a call from jpmorgan, who said jamie's not going anywhere for another eight years. >> we know that. >> but that's not going to stop you and i from speculating about this. >> and everybody should have a success plan, right? >> even if it's all b.s., okay, which this essentially is. because mr. staley might be a nice guy. you know, i don't know him. but he may be a very competent at his job. i think we have a little cheat sheet on him. i think he's done a bunch of stuff. he's been with jpmorgan for a while. but the guy i hear internally, there's his little street -- >> 52 years old. former head of -- >> he's as old an jamie. that's weird right off the bat. the guy i hear internally they're laying odds, and jamie has really smart guys around him. he's got charlie sharp and the cfo. i've known these guys for a long time, they're very smart. but the guy internally they think will get it is jay mandelbaum. this guy has had a lot of jobs, private client.

. >> charlie gasparino will tell us about the bank of america search for successor of outgoing search for successor of outgoing ceo ken lewis. >>> welcome back. bank of america feeling pressure to find a replacement, sooner rather than later. for outgoing ken lewis, charlie gasparino, author of the upcoming music "the sellout" broke the story over the weekend. what are you hearing, charlie? >> we're getting burn, baby, burn disco next week. here's the deal. the board recognizes that there is sort of yearning, particularly by analysts and also investors, to get a ceo sooner rather than later. they set an unofficial deadline to do it the by the end of the month. i believe there's a board meeting the end of october. at that point we'll have the new ceo. who that ceo is, i don't know just yet. i'll be making a lot of calls the rest of the day, if they have some sort of a short list. from what i understand, investors made it known to board members they're not necessarily happy with the internal choices, that they don't believe anybody among those choices, about six people on that list, tha

appreciate it very much. >> charlie gasparino standing by.amie dimond has elevate ed jef staley leading to speculation that staley could take over if dimond should leave the company. we're joined by charlie gasparino, author of "the sellout." what do you think? a head fake? what are you hearing? >> no way this guy gets it. >> no way does he get it? >> thanks for joining us. >> have a great weekend. >> the guy who i think is going to get it is kind of a dark horse here. a guy named jay mandelbaum. i'm kind of a dimond watcher. they used to have china watchers as it became an important country way back when, jpmorgan is a very important bank and i know one of the things i know about jamie dimond is he keeps like a coterie of guys around him who he trusts. they followed him from various places beginning at citigroup and travelers and jay mandelbaum is one of those guys. we should have his bio up. it's impressive. i believe he worked at mckenzie for a while. had various jobs inside travelers and citigroup. >> we're showing people right there. for

it's the story our charlie gasparino first broke on cnbc. 62-year-old executive tells employees he's retiring voluntarily. lewis has been under fire for a series of government investigations after acquisition of merrill lynch. six internal candidates are vying for the job. bank of america shares this morning are trading higher on the news as after hours trading. we'll talk more about lewis on bank of america with andrew ross sorkin and jeff sonnenfeld of the yale school of management. fed chair ben bernanke testifying today. he plans to tell the panel sweeping oversight powers for the central bank should be shared with other regulators. bernanke will argue for a new broad council of regulators to monitor systemic risk in the economy. they say the fed is well suited to oversee financial institutions but failure could damage the economy. take the testimony live when it begins an hour from now. >> thanks, michelle. the other big story involves two media giants. david faber reports no deal for comcast to buy general electric despite reports to t

charlie gasparino is reporting they will be under pressure to pick one later this month."squawk on the street" game. from the new york stock exchange, melissa lee and david faber on set with us. guys this gives us time to go around the horn and talk about this stuff. mark and melissa, you haven't heard what we've been talking about the in the commercial break ahead of this. david, there's been a little debate whether we'd go into this on camera. i don't have a problem talking about it on camera. >> i'd like to hear mark's comments on comcast ge. >> if i knew what you were talking about. >> comcast ge with universal. >> we talked about this friday morning. i think it is an interesting point. i was somewhat surprised to see it not given a bit more press over the weekend. regardless whether the comcast ge deal that we've described a number of times now actually occurs. again, on friday i reported there are hopes they can complete a deal within the next two to three weeks. regardless from what i'm picking up from any number of sources close to ge, close to this deal, ge has m

plus, charlie gasparino on bank of america's search or a emergency ceo. you're watching cnbc's "squawk on the street." >>> happy monday morning. "squawk on the street" viewers. are you having your best monday you've had in seven months? well, they say it's hottest stock in the s&p 500 this morning, ets it's up 7 1/2%. hasn't had a day like this since the depths of march. raised from buy from hold at citi group. they think the stock has another 20% upside on top of what's getting done here today. raised the buy from hold at citi. data processing company. nordstrom's up 6% this morning to accumulate from neutral at buckingham. up 300% since the trough. you're up 130% year to date. southwest airlines, one of the worst performers in the s&p this morning, cut from market perform to out perform. bargain hunting coming into that. general dynamics, one of many industrials rebounding here today to overweight from equal weight at morgan stanley. guys, back to you. >> thank you very much, matt necessa nesto. >>> sally will be on "power lunch" today at 1:00 p.m. east

bring in a technical analyst to tell us where the stocks are headed next and also 24 hours after charlie gasparino broke the big news of ken lewis stepping down after the big year, we'll have charlie back. we'll bring in a top-ranked analyst in the media space tell us,trade this news. maria, all of that and more at the top of the hour. >> see you in five minutes. we'll be there. up next, at what could move the markets tomorrow. what will you need to be positioned for that opening bell? you're watching cnbc.

. >>> and next, charlie gasparino broke the charlie lewis story. >>> and you're looking at live pictures of the house financial hearings committee on financial reforms. we're going to take you there just as soon as ben bernanke starts speaking. (announcer) when you need it fast. get it fast. sarah! you're home! (announcer) on the nation's fastest 3g network. at&t. now get 50% g touchscreen phones after mail-in rebate. only from at&t. >>> let's get to our commodities quarter to show you where we are setting up for this session. we will begin with crude oil, which is up about a full percent. 71.25. it's been interesting lately that $70 level has been rather hard to break. we're up 60% for the year. the other big story is gold, which is still above 1,000. even though we're down just a little bit today. forth year, though, gold is up 14%. continues to be that, well, if you're worried about inflation or armageddon, it seems to go up. right now, that means all roads lead to gold. let's move on to bank of america. >> let's take a look at that bid/ask. they're set to open higher. on-air editor c

joining us is charlie gasparino. >> you have beauty and the beast right here. >> there you go. said it, not us. >> how are you doing sallie? >> how are you? >> we go way back. >> not that far back, charlie. >> well, i'm ageing myself i'm sorry. i speak to a lot of brokers who work for you guys who aren't too crazy about the environment. are you going to be able to keep them from jumping ship, particularly bob mccann, yours president sesor is probab your going to go to ubs. >> i don't think anybody is happy with the market environment we've been through. i think for our financial advisers, the right question for them always and for the industry always is where can you do a great job for your clients? i think we need to telescope back a bit and realize our clients have been through a tremendous amount, and we as an industry and particularly we leaders of the industry really owe it to our clients to be moving the business forward, to be taking the lessons we've learned, and everyone has learned lesson, if they say they haven't, they're lying to you, and make sure we bring those les

charlie gasparino, also author of "the sellout." joins us with breaking news.at's the breaking news? >> from what i understand -- i'm going to wait until the music comes on. from what i understand, this is a done deal. bob mccann sources tell cnbc he's going to ubs and from what i understand he's going to run at least the wealth management unit. these are sources close to mccann who say that he is not going to be running the entire thing. at least that's how the deal is cut right now. when will it become official? when will we see a press release? from what i understand, it's going to come at the end of the month. the date i heard was october 23rd. from what i understand they're going to make this official at the end of the month. barring something -- remember, they do background checks on all these guys. i'm not saying bob mccann has done anything bad in his life, but barring something unusual he will be runninged wealth management unit. >> it puts him head to head with sallie krawcheck. >> that's what i was getting at. it will set up a major battle between sa

our own charlie gasparino is reporting maybe they'll put an interim guy in.s this reason to maybe stay away from these shares? >> i think so. the best thing that happened to bankamerica was ken lewis's exit. he represented the past. the nations bank let's go out and build the organization through m&a. and frankly, the internal situation at bankamerica's a mess. when do you allow your ceo to resign when you don't have a successor in place? this is extraordinary. so you know, leaving that aside, though, the financial situation facing bankamerica's very serious. they're right behind citigroup in my terms in a sense of where they're headed next. and the sad part is investors don't have access to the information they need to understand the situation because it's not in the public disclosure. >> chris, it's karen. let me ask you something. who do you think would be the right person to -- the right kind of person or a specific name to lead this institution right now. >> someone with heavy restructuring experience who knows how to sell businesses because that's what

the latest reports, including those from our own charlie gasparino is that they will replace lewis with an interim ceo for a area year or so and t new ceo. seems to be a lot of uncertainties still surrounding this stock. what's your take? >> there's no doubt they have a lot of valuable businesses. it's important to get the management issues behind them and certainly the swirl around ken lewis has been huge. i think he's recognized that, and so has the board. i think it's right thing for him to step aside. unfortunately, because in some cases he's being blamed for things he is not control of and other cases he is culpable. in terms of long-term stability you need to hire the right person and not have an interim ceo. i think there's plenty of qualified candidates internally and externally. i don't think there's a shortage of people to put in that job. >> we do want to call our viewers attention to comments you made by the vice president, joe biden. he said turn employment numbers are tough news but the u.s. is doing the right thing to move in the right direction. he also said that the u.s