Can someone please remind me…
Goldman Sachs is reviewing its London operation, a move that could eventually see entire departments shifted overseas.
The bank is understood to be considering its options in the wake of the UK’s windfall tax on bankers’ bonuses, a new 50pc top income tax rate, and increased banking regulations.
The world’s most powerful investment bank has asked an internal team to examine various strategies, including whole divisions being uprooted and taken offshore.
A number of large of London based Hedge Funds have already relocated to Geneva with more predicted. You may not like the financial sector bonus culture, but the fact of the matter is, no matter how big the City bonus pot is, the Government will get its grubby mitts on 40%. Where do you think the burden will fall if the Goldmans of the world desert the city for more favorable tax regimes?
Tags: Bonus, Hedge Funds, Investment Banking, Tax
