Page 234 - Bank Case Studies

famously said that the GRG was ‘absolutely not a

profit centre’.” (14)

Key Points

Key facts uncovered in the BBC/Buzzfeed leaks which relate

to the size of the GRG:

Despite the

protestations by
Sach and Sullivan,

that GRG was not

only a profit

centre, it made

over £1.2bn of

profit from

interest and fees

in 2011. That is

before

accounting for

the billions of

pounds of ‘value-
Diagram 2: Key Facts

added’ to the balance sheet they boasted off.