Bonus time is coming after Goldman Sachs ended its financial year last night. But already we can be sure the payouts won't be a patch on 2007 when some Goldman bankers landed huge pay days — compensation for the London board of Goldman Sachs International alone rocketed 90% last year.

This year we know already that one of GSI's two co-chief executives, Michael Sherwood, is waiving his bonus — along with fellow directors of the main board in New York in recognition of the bank's troubles. Sherwood is set to collect a base salary of just $600,000.

But where does that leave his co-chief exec in London, Richard Gnodde? It would appear Gnodde has no obligation to give up his bonus. Last year Gnodde is thought to have earned $23.4 million — that was the salary of the highest paid director of the GSI board, who went unnamed, in the annual accounts. Since Sherwood publicly denied he earned that sum, it's assumed Gnodde collected the payout.

So what a dilemma for Gnodde: Does he take a bonus again this year or forgo it in sympathy with Sherwood?

* One high-flying JPMorgan executive in London says: “Most years, we already have a pretty good indication of what size bonus we're going to get by this time — even though our bonuses aren't announced until January. But this year, we really have no idea.” Ominous.

Aegis spins a Lerwill yarn

Ah, those advertising guys just can't help themselves, can they? Aegis, soft soaper to some of the world's biggest companies, axed its chief executive on Thursday, just weeks after losing a massive account with Renault. But its presentation to the Stock Exchange was worthy of a New Labour spin doctor. “Robert Lerwill will stand down at the end of the month,” read the statement.

No sense of urgency; take your time Robbie, old mate; wind it down gently. Until you realised it was 2pm on 27 November and a Thursday. Translation: “Lerwill has got 24 hours to clear his desk.

* On the very day Robert Lerwill's departure from Aegis was announced, the advertising magazine Campaign published its annual A-list of movers and shakers in the industry which features mini-interviews. Question: What is the best thing about your job? Lerwill: “The people I work with.” Hmm. City Spy suspects he may have changed his tune since the boardroom coup that ousted him.

Next question: What would you do on a sabbatical? Lerwill: “Travel.” Robert, your wish may just have been granted.

Even French luxury loses fizz

Even the French titans of luxury fashion are feeling the pinch. Bernard Arnault, the chief executive of champagne-to-handbags giant MoëtHennessyLouisVuitton has reportedly seen his fortune dwindle to €13.1 billion, having lost an estimated €17.4 billion. He can take some comfort in the fact that long-term rival François Pinault of PPR, with whom he fought a vicious
battle for control of Gucci back in 1999 dubbed the “battle of the handbags”, is thought to be
€2.9 billion poorer, leaving him with just €2.6 billion.

Lehman lives on in virtual world

Type Lehman Brothers into Google and, more than two months after Dick Fuld presided over its collapse, the second result which still appears is: “Work at Lehman — Careers.” The promotion says cheerfully: “Make an impact” and “realise [your] potential” by signing up. The website adds: “Around the world, the Lehman Brothers' team is growing.” But click on “apply now” and a different picture emerges: “We are
not currently accepting applications.” Funny that.

* “We've been winding down for Christmas ever since Lehman collapsed,” says one City property agent. “The market is dead.”

Metals men bashed three times over

Heard the one about the West Midlands metal basher which not only had to issue a profits warning and lay off staff but had around a quarter of its cash balances invested in Icelandic banks? Castings Plc, which relies on the car and truck industry for around 80% of its sales, had £5.7 million on deposit with all three of the failed Icelandic banks. It said: “The deposits were made earlier in the year when our advisers rated them satisfactorily. However, as a matter of prudence, we have made full provision against these deposits of £5,701,000.” Who were those advisers?

* Barely 24 hours after seeing off a multi-billion takeover bid from rival BHP Billiton the press office spinners at Rio Tinto headed, by Christina Mills, picked up the award for best financial and business media relations at the CorpComms annual dinner. Hugely deserved, of course. But then you glance at the two runners-up which were HBOS and Kaupthing Edge and realise the competition wasn't that hot.

* “Our thanks go to HBOS Plc for their support of our business through both the provision of finance and sponsorship. The difficult times in the world banking industry show the value in long-term relationships between Banks and customers. We appreciate the assistance provided by HBOS over last year in trying circumstances.” So who on earth can be so effusive in their praise of the about-to-be-taken-over and part-nationalised bank? Sheffield United, that's who. Not only is HBOS its primary banker but offshoot Bank of Scotland Corporate Banking is one of its main match-day sponsors.

* So who won the face-off between BP and its turbulent Russian joint venture partners in TNK-BP which saw the former chief executive Bob Dudley (a BP man) run off into hiding this summer? The new chief executive of the company is to be Denis Morozov, most recently chief executive of Norilsk Nickel. All you really need to know is that Morozov worked for six years at Alpha Bank, controlled by the most turbulent of those oligarch co-investors Michael Fridman.

Send us your city spy stories cityspy@standard.co.uk