Shareholders at Goldman Sachs paid dearly for being shored up by Warren Buffett during the crisis. They may find another cost in bidding him adieu.

While bank investors salivate over the prospect that the Federal Reserve soon will give firms a green light to increase dividends or share buybacks, Goldman shareholders may have to wait longer than others. That is because it makes sense to redeem Buffett's $5bn in preferred stock first, given its eye-watering 10% dividend.