£1.6m for Goldman exec

GOLDMAN Sachs has awarded a $2.5m (£1.59m) bonus to its top City of London banker.

The package handed to Michael Sherwood, head of Goldman’s London operation and chairman of its partnership committee, was related to performance shares from 2009 and 2010 that were deferred.

Sherwood, 45, is one of several executives seen as a possible successor to current chief executive Lloyd Blankfein. He previously served as global co-head of the bank’s securities business.

Goldman’s 2010 profit after preferred stock dividends fell 37 per cent to $7.71bn (£4.9bn), or $13.18 per share, from $12.19bn, or $22.13 a share. Net revenue fell 13 per cent to $39.16bn from $45.17bn. The bonus disclosures came in filings with the US Securities and Exchange Commission, which also showed Blankfein was given $5m in shares.