Guy Hands takes a pay cut

GUY Hands, one of the City's best known bankers, took home £189,000 in the year ending March 2003.

It was a far cry from his days at Japanese bank Nomura when it is believed that in one year he earned more than £40,.

The earnings of Hands, who is worth £170m according to The Mail on Sunday Rich Report 2004, fell as he built up Terra Firma, a private equity business.

Hands' earnings could have been boosted by £1.46m if he had chosen to take out the profits of London 58, a Cayman Islands-registered company that is the parent of Terra Firma.

He is the controlling shareholder of London 58, but opted to leave the profits in a reserve fund that can be used by Terra Firma.

Terra Firma made a profit of £2.34m in the year to March 2003.