Goldman Sachs' top banker in London collected a bumper $23.4 million (£12 million) pay package - up more than $10 million on the previous year, it can be revealed today. North London-born Michael Sherwood, one of the two co-heads of Goldman Sachs International (GSI) in London alongside Richard Gnodde, is believed to have landed the payout. Goldman did not name the highest-paid director although it published his salary in its annual accounts filed at Companies House. The accounts show that, despite the start of the credit crunch, pre-tax profits in the London-based operation soared fourfold to $2.74 billion in the year ending 30 November. In the previous year, pre-tax profits for GSI - which covers Europe, the Middle East and Africa - stood at $596 million. Goldman's £12 million salary for its top London banker compares favourably with Barclays Capital chief Bob Diamond. It emerged last week that Diamond earned £6.8 million in salary and bonuses in 2007. However, … [Read more...] about £12m for Goldman’s top banker in the UK
Around 3,600 British troops will leave their bases in Germany and move back to the UK, the Ministry of Defence has announced. Ministers have given provisional approval for the move, which would see the soldiers relocated to bases in Gloucestershire and Shropshire from 2009. The affected units are HQ Allied Rapid Reaction Corps (HQARRC), 102 Logistics Brigade and 1 Signal Brigade. Armed Forces Minister Bob Ainsworth said the announcement was a "significant" one for the personnel involved and their families, but added that 15,000 British troops would still remain in Germany for "many years to come". It would help deliver "operational capability in a more efficient and effective way" and would make better use of the MoD estate in the UK. He added: "This is an important announcement for the affected communities. There is now more detailed work to be done on these proposals and we will consult closely with all interested parties including local councils, health and education providers and … [Read more...] about 3,600 UK troops return from Germany
British families could be required to put up a cash deposit of as much as £1,000 when relatives visit from outside the European Union. The money would act as a guarantee that they will return home at the end of their stay, under proposals floated by ministers. The standard visa time for non-EU tourists could also be slashed from six months to three in a bid to crack down on illegal immigration and working. The proposals were set out in a consultation paper published by the Home Office on Tuesday with the aim of ensuring that visitors to the UK comply with the conditions of their visas. The paper also suggests the creation of a specific business and specialist visa - which could cover arts and showbusiness performers, as well as film crews making movies in the UK - and a special visa for one-off events like the Olympics. The Home Office on Tuesday declined to confirm reports that the family bond may be set at as much as £1,000, but a spokesman said that any financial security … [Read more...] about £1,000 deposit to visit UK families
Life insurer Prudential remains committed to its troubled UK business, despite admitting 3,000 jobs were at risk at its domestic arm. The group dampened speculation of an imminent sale of its ailing UK operation, unveiling a long-awaited turnaround strategy that will instead see it refocus on more profitable pensions business, bolstered by the purchase of Equitable Life's £1.8 billion with-profits annuity book. The jobs threat, which affects 2,000 staff based in the UK and 1,000 in Pru's offshore operation in Mumbai, comes as part of the group's plan to save £195 million a year within three years, announced as the insurer revealed forecast-beating 2006 operating profits of £1.98 billion, up 15% on 2005. Prudential UK chief executive Nick Prettejohn said the group was in discussions with outsourcing firms, but was "yet to determine" whether the cost savings, which had been upped by £80 million on previous targets, would come from offshoring or outsourcing the roles, … [Read more...] about 2,000 UK jobs ‘under review’ at Pru
Amazing giveaway - 10,000 free return flights to Europe and UK with EUjet.com (includes all taxes and charges) The Evening Standard and www.EUJet.com have teamed up to offer readers the fantastic chance to win free flights. We have 10,000 European and UK flights that must be given away all this week and with destinations including Faro, Prague, Nice, Edinburgh and Dublin, what better way to enjoy the best of Europe? Each day this week two destinations will be published in the Evening Standard. Two thousand lucky readers who log onto www.EUJet.com and enter that day's password will receive a free flight to one of the published destinations. If you have been successful you will be notified by e-mail no later than Monday 11 April 2005. All flights leave from Kent International Airport, which is located off the M2 and within easy reach of London. How to Book To travel to one of the featured destinations, simply visit www.EUJet.com, click on the 'Evening Standard Free Flights' banner and … [Read more...] about 10,000 Free Return Flights to Europe and UK!