While the opposing sides at Morgan Stanley dither, Goldman Sachs is again leading from the front. First, it closes an $8.5bn private equity fund. In normal circumstances, this would have brought howls of protest from the other big private equity players but, instead, Goldman escaped with barely a rebuke. Second, the proposed merger between the New York Stock Exchange and Archipelago looks like a Goldman monopoly, with the firm advising both sides.

Now comes the news that the departing chief executive of Goldman Sachs in Europe, Peter Weinberg, will be replaced by head of the European fixed income, currencies and commodities division, Michael "Woody" Sherwood. In typical Goldman Sachs fashion, Sherwood becomes co-chief executive with Scott Kapnick, a leading investment banker. However, as Sherwood's FICC division makes most of the profits in Europe, don't be in any doubt as to where the power will lie.