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Bank charges: Goldman Sachs' London chief sees bonus double

Michael Sherwood, Goldman Sachs' London chief, has received a larger share bonus than any other of the company's other executives.

Widely considered Britain's best-paid banker, Mr Sherwood has reportedly netted 109,461 shares, worth $15.8 million (£9.96 million), which is more than the $13.6 million the investment bank's chief executive Lloyd Blankfein received.

In total, more than $100 million was paid out by the firm to its top 12 executives, as revealed in filings in the US' Securities and Exchange Commission.

Bonuses at Goldman Sachs are 70 per cent shares and 30 per cent cash, according to Bloomberg, which means Mr Sherwood could receive as much as $22.5 million in total bonuses.

The bank made $7.48 billion in profits last year, an increase of 68 per cent, with revenues growing 19 per cent. This was the company's first gain in three years.

Mr Blankfein was the recipient of a Wall Street record bonus in 2007 of $69.7 million, before the crash.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801525530-ADNFCR



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