People and Business: A small change of mind at Goldman

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The Independent Online
YOUR STARTER for $35bn: Who told current students at his old university the following? "While much has changed in the increasingly global finance industry, two things won't ... Goldman Sachs will remain a private partnership and will remain in New York."

The remarks are attributed by the magazine of the University of Chicago Graduate School of Business to none other than Jon Corzine, who graduated from the august business school in 1974 and is now co-chairman and co- chief executive officer of Goldman Sachs. Yes, that's the same Goldman that voted "unanimously" yesterday to scrap the private partnership, and let the public buy into the company. I wonder when they'll leave New York.

BILL HARRISON has his work cut out at Deutsche Morgan Grenfell (DMG), where he is in the process of merging the top end of Deutsche's corporate banking business with Morgan Grenfell's corporate finance operation in London - prompting a number of staff departures

The latest defectors from DMG are Robert Leitao and Crispin Wright, who have gone to rival investment bank NM Rothschild as directors of corporate finance.

The duo are already known in the City for their work on the Halifax flotation and advising other companies like Redland. Evelyn de Rothschild's bank wants them in order to beef up its UK advisory business, following a boom year for its European cross border division. Watch out for Rothschild's annual results, to be announced on 29 June.

Meanwhile across town, another former DMG man, Mehmet Dalman, who was recently hired by Commerzbank to build a global equities business for them, has recruited Jonathan Wauton from Citibank Hong Kong to be European head of warrants. Mr Wauton's appointment at Commerzbank follows the recent arrival of BZW Securities' leading institutional warrant sales team headed by Nick Golson.

City wags are wondering why Commerzbank are asking Mr Dalman to repeat the strategy he was ordered to pursue at another German bank, DMG - to build a global investment bank by going on an almighty hiring spree. We all know what's happened at DMG. Perhaps Mr Dalman's doing it differently this time.

ONLY THE strongest are surviving the Sony Industry Challenge yacht race, I hear, due to a week of strong winds, choppy seas and driving rain.

Over 100 companies have sent representatives on a double, 55-mile circumnavigation of the Isle of Wight. The elements have been so hostile that one Outward Bound Trust crew member hit his head on a boom and had to be transferred to a lifeboat and then by helicopter to a waiting ambulance. And a member of one of Vodafone's five crews, Susan Dickens, was airlifted from the scene of battle suffering from hypothermia and exhaustion. She had passed out on deck but was saved by the boat's lifelines.

Vodafone's misery continued over the weekend when two more of their teams were among six who retired because of seasickness. The casualties included two yachts from stores group Argos, one from solicitors Wilde Sapte and the sixth from consulting engineers Ricardo.

Those who managed to continue sailing yesterday included two top Jones Lang Wootton men, chartered surveyors Graham Howat and Bill Watts. And a British Airways Concorde team swapped supersonic flight for the joys of the briny. BA had a crew of two captains, Peter Horton and John White, a senior first officer, Jonathon Napier, a senior engineer, Robert Woodcock, another engineer, Mick Aves, and a stewardess, Jarlym Howard Peter.

Another competitor, Ian Carruthers, managing director of the Portsmouth- based Brittany Ferries, took along one of his ships' captains and a French Olympic medallist, Thierry Lacour, to boost his chances of a place in the final on 18/19 July

Already into the finals are another Vodafone boat, while Deloitte Touche managed to squeeze out rival management consultants Andersen. British Aerospace, who quietly do so much work on the technical side of yachting, will also be there.

DAVID SPRINGBETT, former insurance broker and campaigner on behalf of Lloyd's Names, will be able to indulge his passion for stamp collecting to the full as the new chairman of Stanley Gibbons Advisory Board. Mr Springbett, 60, a keen philatelist, has been recruited by Walter Goldsmith, chairman of Flying Flowers, the company that bought Stanley Gibbons two months ago for pounds 13.5m.