One of the best executives in Goldman Sachs, based in London, plans to leave the United Kingdom in another blow to the status of the city.
Richard Gnodde, who became vice-president of the investment bank in January after many years which heads its international operations, moved to Milan, according to a person familiar with the issue.
This decision was reported for the first time by City AM.
“Given his new role, Richard will be mainly focused on growth opportunities for the company across Europe. He will continue to spend time with our team at the London office,” a spokesman for Goldman Sachs told Business Insider.
The banker of South African origin joined Goldman Sachs in London for the first time in 1987. He was co-PDG of Goldman Sachs International to an upheaval of leadership announced in January.
The departure of one of the personalities of the city of London will do nothing to reduce the concerns concerning the drop in political and economic power of the United Kingdom.
The Labor government came to power last year, promising to trigger economic growth and stimulate productivity. In February, the Bank of England reduced its growth forecasts by half for 2025 to 0.75%.
While many developed countries should earn richer people this decade, the United Kingdom is expected to lose 17% of its millionaires by 2028, according to UBS 2024, the wealth report.
There has been a series of departures of large-scale people from the United Kingdom since the government announced changes to a long-standing tax policy which has effectively allowed foreign wealth to avoid the British tax.
Non-domestic, or non-domed status refers to people who live in the United Kingdom but who have a permanent house in another country.
Previously, they only paid taxes in the United Kingdom on what they won in the country.
The new rules, which entered into force on April 6, abolished non -domestic status and tightened the rules concerning foreign trust.
The tens of thousands of “non-doms” should now lead to tax on their foreign income, which has prompted some to leave the United Kingdom.
Italy has adopted the opposite approach, making it a popular destination for European ultra-rare.
Since 2017, he has offered a “gold visa” program which taxed foreign income at a stable annual rate of 200,000 euros (around $ 227,000).
Nassef Sawiris, the billionaire owner of the Soccer Club Aston Villa, recently moved his London residence in Italy and Abu Dhabi. He cited changes to non-domestic rules in an interview with the Financial Times, but stressed the attempts of the former government rather than those brought this month.
The other reported departures from the United Kingdom include the billionaire steel magnate in Lakshmi Mittal and the real estate investor Asif Aziz.
businessinsider
