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PPI Claim News - 4/1/2010

Bank reclaim: Goldman Sachs bankers may quit UK

International investment bank Goldman Sachs is reviewing its British operations and considering whether to shift departments overseas in response to the government's bonus tax.

The bank is reportedly looking considering a variety of options which could see a proportion of its 5,000 UK staff move overseas.

Goldman Sachs was the biggest contributor to the Treasury from within the financial services sector in 2008.

At the same time, the investment bank has faced legal action in the United States with a pension fund claiming that the bank 'blindly rewarded' its directors with 'extravagant' bonuses and pay.

In December's Pre-Budget Report, chancellor Alistair Darling unveiled details of a one-off 50 per cent bonus tax on all payments over £25,000.

Last month, Barclays chairman John Varley said the government's decision to levy a bonus tax could see London losing competitiveness with business shifting abroad.

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