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FT Opening Quote

Summary:
Michael Sherwood of Goldman Sachs faces a grilling from MPs on BHS, house prices are up 5.1 per cent in June, says Nationwide, Dixons Carphone profits are up 17 per cent. FT Opening Quote, with commentary by City Editor Jonathan Guthrie, is your early Square Mile briefing. You can sign up for the full newsletter here. Most investment bankers would no more discuss their client relationships on camera than their love lives. Michael Sherwood, co-head of Goldman Sachs in Europe, is preparing to do so this morning, as MPs scrutinise Sir Philip Green’s sale of BHS for £1. The retailer collapsed earlier this year with a £571m pension deficit. So Goldman’s unpaid advice on the credibility of buyer Dominic Chappell is under the spotlight. Mr Sherwood’s task is to avoid the appearance of evasiveness or bad temper, without giving so much away that clients feel exposed speaking to him in future. The committee may investigate his habit of taking on larger-than-life customers who are not always popular in the City or Westminster. These include Sports Direct’s Mike Ashley, another actor in the BHS drama. Dixons Carphone has raised full year “headline” profits before tax (which exclude merger amortisation) 17 per cent to £447m and is increasing its dividends 15 per cent to 9.75p. The merger of Dixons and Carphone Warehouse, dismissed by critics as defensive, has gone well.

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Michael Sherwood of Goldman Sachs faces a grilling from MPs on BHS, house prices are up 5.1...

Chris Nuttall
Award-winning journalist with more than 35 years' experience in newspapers, magazines, radio, TV and the internet at local, national and international levels. At the BBC for 17 years and has spent the past 15 with the Financial Times. Served as a foreign correspondent in Sri Lanka, Washington and Turkey as well as in a roving role for the BBC. Turned a late 1980s geeky interest into a professional focus on the internet and technology and was founding World Editor of the BBC News website and the BBC 's first Internet Correspondent.

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