Sherwood Admits Goldman Reputation Not Enhanced by BHS

A top Goldman Sachs executive has conceded that the US investment bank’s reputation had not been enhanced by its involvement in BHS, a corporate failure that has cost 11,000 UK jobs. Goldman provided informal — and unpaid — advice to retail tycoon Sir Philip Green ahead of the sale of the now collapsed department store chain to former bankrupt Dominic Chappell. Michael Sherwood, co-head of Goldman in Europe, told MPs investigating the sale of BHS that investment banks often accepted such informal assignments from longstanding clients such as Sir Philip’s Arcadia Group.