Goldman's London banking jobs 'could move to Spain'

Goldman Sachs is considering relocating 1,000 London banking jobs to Spain, according to a media report.

A number of international banks are known to be unhappy about the government's plans to impose an extra one-off tax on bonuses within the banking industry.

According to the Independent, Goldman is particularly upset about the plan, as it paid more than £2 billion in tax in the UK last year, with its employees thought to have contributed a further £1 billion.

The newspaper suggested that the bank is considering moving 1,000 of its current 5,000 London banking jobs to Spain in order to avoid paying the bonus tax.

Goldman already has operations in Spain, although they are not on the scale of its UK banking operations.

The investment bank has also been in the news this week due to a report by Mergermarket which suggested that Goldman is about to lose its status as the world's leading mergers and acquisitions advisor to Morgan Stanley.

Updated: 23 December 2009.
Categories: banking-and-financial-services, market-and-industry-news.