The situation is strongly redolent of Ed Milliband and the UK deficit. – The Guy needs to apologise for the c**p he has put his stakeholders in.
Walsh now needs to man up and apologise for :
a) Not ensuring IB had started major restructuring way before the merger. (Yet BA complied with IB pressure to get its own house in order in the years prior to the merger)
b) Grossly over valuing IB thus royally shafting BA shareholders.
c) Choosing to believe his own rose tinted view of the Spanish economic situation and ignoring the reality that it was a basket case and will continue to be so for years.
d) The huge losses IB have subsequently incurred.
e) Continuing to demand excessive rewards for himself despite the catalogue of failures above.
Although it would be embarrassing for the board to admit they got it wrong they need to act – until then When Will Willie Apologise?