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  1. Wealth
January 4, 2010

Tel: Goldmans reviewing London operation

By Spear's

Goldman Sachs is reviewing its London operation, a move that could eventually see entire departments shifted overseas.

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.

The review, which is in its very early stages, could also recommend making no changes to the status quo. The review is a blow to government efforts to sustain the Square Mile as a global financial centre.

It is also sensitive for the bank, which has been keen to highlight the amount of tax it pays in the UK to deflect criticism of its massive earnings.

To read the full story, visit telegraph.co.uk

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