Goldman Board Hopes Image Overhaul Will Save Blankfein (and Goldman Itself)

According to people close to the firm, Siewert understands the difficulty in creating a new image for Blankfein and the necessity of the task: Goldman's board believes it has no choice but to keep Blankfein in the job to prevent a civil war between competing factions at the firm, according to people with direct knowledge of the matter.

As one senior Goldman executive told FOX Business: "There will be all-out war if Lloyd leaves now."