£9m bonus for Goldman Sachs chief

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The joint head of banking giant Goldman Sachs in London has been awarded a 9 million pounds bonus, reports say

The joint head of banking giant Goldman Sachs in London has been awarded a £9 million bonus, it has been reported.

The US bank’s share award to Michael Sherwood was revealed in American regulatory filings last week, The Sunday Times said.

The bonus, which will not be paid out in full until 2016, is even bigger than that of Lloyd Blankfein, Goldman’s chief executive, who will rake in £7.9 million plus a 330% rise in his basic salary.

The hefty payout comes despite the firm, which employs around 6,000 staff in the UK, posting a 38% drop in net earnings for the year to December 31 and a 13% decline in revenues.

Details of bonuses paid out at international banks will be watched closely on these shores as UK banks prepare to release their own figures next month.

Meanwhile, the heads of British banks have been meeting with the Government for talks, known as Project Merlin, over bonuses, small business lending and transparency.

Goldman Sachs took 10 billion US dollars (£6.2 billion) from the US Treasury at the height of the financial crisis but has since paid the money back, with taxpayers earning 1.4 billion dollars (£865 million) on the investment.

In the UK, the bank is trying to rebuild its reputation after it was fined £17.5 million by the Financial Services Authority (FSA) for failing to tell the regulator that Goldman trader Fabrice Tourre was under investigation when he took a job at the bank’s London office in 2008.

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