London: The failed US financial services
giant Goldman Sachs is looking at whether to move some of its
operations out of London, following the introduction of 50 per
cent bonus tax in Britain, says a media report.
"Goldman Sachs is reviewing whether to move some of its
operations out of London and overseas to lower tax
jurisdictions after the government's introduction of a 50 per
cent bonus tax," The Times reported today.
The daily noted that in its last full financial year,
Goldman Sachs paid 1.1 billion pounds in Britain as
corporation tax, while its 5,000 London employees contributed
millions of pounds more in income tax.
"It is thought the operations most likely to be shifted,
in whole or in part, would be back-office, foreign exchange
trading teams and the proprietary trading arm, which
contributes about 10 per cent of bank's profits," it noted.
The Times said the Goldman staff and several other
investment banks, including Societe Generale, BNP Paribas,
HSBC and JP Morgan, have reportedly requested a move out of
Britain because of the new tax.
PTI
First Published: Monday, January 04, 2010, 22:44