‘Goldman Sachs may have provided the Government with a “knockdown” valuation of the Royal Mail – losing the taxpayer more than £1bn when it was privatised last month, according to critics.
Yet the giant US investment bank has proved remarkable adept at deciding when to cash in shares in the historic institution on behalf of its clients.
A new analysis of Royal Mail’s official share register by The Independent has found that Goldman Sachs offloaded around 4.5 million Royal Mail shares worth at least £25m between 31 October and 11 November – at the top of the market. The decision by the bank, which received millions of pounds from the Department of Business to price the Royal Mail at £3.30-a-share when it floated last month, would have made its clients up to £12m if the shares were sold at the £5.87 peak.’
Read more: Revealed: Goldman Sachs clients’ £12 million Royal Mail coup
