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January 4, 2010

Goldman Sachs reviews London operations

by Gill Montia

Story link: Goldman Sachs reviews London operations

Goldman Sachs is undertaking a review of its London operations, the Daily Telegraph has reported.

According to the newspaper, the move is linked to UK tax and regulatory regimes, including the temporary bonus tax on banks that pay discretionary bonuses of over £25,000, and the proposed 50% rate of income tax for high earners.

The report follows a recent article in the Independent suggesting that the Wall Street investment bank is considering moving up to one fifth of its 5,000 London-based staff to Spain.

Meanwhile, the bonus tax has prompted the chief executive of JPMorgan Chase, Jamie Dimon, to have a conversation with Chancellor of the Exchequer Alistair Darling, intimating that plans to build a new European headquarters at Canary Wharf could be reconsidered.

According to a report by Bloomberg, Mr Dimon made the point that his bank paid UK taxes and had not received a bailout from the taxpayer, making the bonus tax unfair in this case.

Plans for the new building were confirmed in 2008 and at the time were seen as a significant commitment on the part of the bank to London.


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