In the end, after an exhausting ten week search, Bank of America picked an insider with sharp political elbows – and a wealth management background – to be the new president and chief executive of the largest bank in the US and now the world's largest wealth manager due to its acquisition of Merrill Lynch.

What’s more, Brian Moynihan, relatively young at age 50, is an Ivy League-educated New Englander with a legal background who did not rise from the ranks of BoA’s southern-rooted retail culture, as did his predecessors, including outgoing CEO Ken Lewis.

All in all, bank industry observers say, that means a major cultural shift for the bank, including a potential shift of power away from its current Charlotte, North Carolina headquarters.

For Merrill Lynch and US Trust, however, Mr Moynihan’s promotion is seen as welcome good news after a tumultuous year.

After a nine-year legal career in Providence, Rhode Island, Mr Moynihan made his bones in banking as Fleet Boston Financial’s wealth and investment management chief.

When Fleet merged with BoA in 2004, Mr Moynihan was named president of Global Wealth and Investment Management.

But the politically astute Mr Moynihan was seen as quick to adopt BoA’s regimented corporate mentality at the expense of a more customized wealth management experience.

That clash of styles burst into the open in spring 2007, when BoA bought US Trust for $3.3 billion. Peter Scaturro, US Trust chief executive at the time, was an advocate of giving high-net-worth customers special treatment, while Mr Moynihan championed an emphasis on scale and centralization.

Mr Scaturro walked, as did a host of other US Trust executives and advisors who chafed under BoA’s retail-oriented culture.

While Mr Moynihan may have had a different vision of how to run a wealth management firm, no one doubted his commitment to the business.

And at a time when there is still speculation about the long-term future of Merrill and US Trust with BoA, executives at both divisions are said to be relieved at Mr Moynihan’s ascendancy to the top job at the bank.

After further proving his mettle as president of global corporate and investment banking, and most recently as president of consumer and small business banking, Mr Moynihan fought off fierce challenges for the CEO position from outsider Robert Kelly, the bank of New York Mellon chief executive and insider Gregory Curl, BoA’s chief risk officer.

Mr Kelly and the BoA board reportedly couldn’t come to terms over compensation and other issues, while Mr Curl’s chances weren’t helped when the board learned that he was a potential target in an investigation by New York State attorney general Andrew Cuomo involving BoA’s acquisition of Merrill Lynch last year.

Mr Moynihan takes over from Mr Lewis and also joins BoA’s board of directors on 31 December.

"What we need to do now is very simple," Mr Moynihan said in a prepared statement. "We need to execute. This company has a long tradition of operational excellence and strong execution. My goal is to refocus our efforts and attention on those core capabilities that will make us the best financial services firm in the world.”