People and Business: A small change of mind at Goldman

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.

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<b>Kathryn Williams</b>
When I was supporting Ray La Montagne I was six months pregnant. He had been touring for a year and he was exhausted and full of the cold. I was feeling motherly, so I would leave presents for him and his band: Tunnock's Tea Cakes, cold remedies and proper tea. Ray seemed painfully shy. He hardly spoke, hardly looked at you in the face. I felt like a dick speaking to him, but said "hi" every day. </p>
He was being courted by the same record company who had signed me and subsequently let me go, and I wanted him to know that there were people around who didn't want anything from him. At the Shepherds Bush Empire in London, on the last night of the tour, Ray stopped in his set to thank me for doing the support. He said I was a really good songwriter and people should buy my stuff. I was taken aback and felt emotionally overwhelmed. Later that year, just before I had my boy Louis, I was l asleep in bed with Radio 4 on when Louis moved around in my belly and woke me up. Ray was doing a session on the World Service. </p>
I really believe that Louis recognised the music from the tour, and when I gave birth to him at home I played Ray's record as something that he would recognise to come into the world with. </p>
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