MW: Goldman reportedly reviewing London operations
By Simon Kennedy
LONDON (MarketWatch) -- Goldman Sachs (GS 168.61, -0.23, -0.14%) is reviewing its London operations in a move that could lead to entire departments being shifted overseas, the Daily Telegraph newspaper reported Monday. Goldman has asked an internal team to look at various strategies following the introduction of a U.K. windfall tax on bonuses and ahead of plans to introduce a new 50% top income tax rate in April, the report said. The review is in its early stages and could also recommend making no changes, it added. One of the units likely to be reviewed is Goldman's proprietary trading arm, with Geneva seen as a likely destination for the unit because tax on performance fees can be negotiated with the Swiss government, the newspaper reported.
