Goldman Sachs May Move London Operations

Goldman Sachs may be reviewing operations in London in order to avoid paying taxes, according to The Daily Telegraph. Goldman Sachs was the highest UK tax-paying financial services company in 2009, paying 1.1 billion in corporation tax
By None

Goldman Sachs may be reviewing operations in London in order to avoid paying taxes, according to The Daily Telegraph. Goldman Sachs was the highest tax-paying financial services company in 2009, paying 1.1 billion in corporation tax.

According to the article, the bank has set up an internal team to assess various strategies, including moving offshore to avoid the windfall tax of bankers bonuses and the 50% income tax for high earners.

However the move is unlikely, as client facing business accounts for a large percentage of the bank’s London operation. The proprietary trading desks would be an area that could see some relocation.

2009 sees a busy year in personnel for Goldman Sachs. The bank will soon move into a new 43-story office tower in Manhattan and is developing operations in Mumbai, India.

The full article can be found here

«