‘They were hired by the Government to help sell one of its most valuable and historic assets – and were paid millions of pounds in fees for their work valuing Royal Mail ahead of its flotation last month.
Goldman Sachs and UBS priced the company at £3.30-a-share, raising the taxpayer £1.7bn from the sale. But shares instantly soared in value and have remained high ever since. At tonight’s closing price of 545p more than a month after the initial public offering, the public purse would be more than £1bn better off. The official share register, obtained by The Independent, shows there were 518 separate entities holding more than 5,000 Royal Mail shares by the end of October. City firms applied for more than 20 times the number of shares available – and both Goldman Sachs and UBS have piled in to the frenzy.’
Read more: The bankers making millions from the Royal Mail firesale
