With Warren Buffett and the Goldman board firmly in Lloyd’s camp, we’re skeptical that he’ll actually be forced to step down, especially if Goldman’s earnings continue to outperform. If the firm's shares keep sliding, however, other Goldman shareholders may start getting restive.
Weidner points out that the departure of Ken Lewis helped Bank of America put its troubles in the past.
Since Mr. Lewis stepped down, Bank of America shares have added 6% and the company has repaid the $45 billion it received from taxpayers. More importantly, with Mr. Lewis gone, critics no longer have an obvious target in management.
A change at the top of Goldman would, in the same way, stanch the bleeding. A fresh face in the executive suite would give the firm the advantage Brian Moynihan now enjoys at Bank of America: Don't blame me, I wasn't there.