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A top London-based Goldman Sachs executive is planning to depart the UK in another blow to the City’s status.
Richard Gnodde, who became the investment bank’s vice chair in January after many years running its international operations, is relocating to Milan, according to a person familiar with the matter.
The move was first reported by City AM.
“Given his new role, Richard will be primarily focused on growth opportunities for the firm across Europe. He will continue to spend time with our team in the London office,” a Goldman Sachs spokesperson told Business Insider.
The South African-born banker first joined Goldman Sachs in London in 1987. He was co-CEO of Goldman Sachs International until a leadership shake-up that was announced in January.
The departure of one of the City of London’s leading figures will do nothing to abate concerns about the UK’s declining political and economic power.
The Labour government came to power last year, vowing to ignite economic growth and boost productivity. In February, the Bank of England halved its growth forecast for 2025 to 0.75%.
While many developed countries are set to gain more wealthy people this decade, the UK is forecast to lose 17% of its millionaires by 2028, UBS’ 2024 wealth report found.
There has been a series of departures of high-profile individuals from the UK since the government announced changes to a longstanding tax policy that effectively allowed foreign wealth to avoid UK tax.
Non-domicile status, or non-doms, refers to people who live in the UK but have a permanent home in another country.
Previously, they only paid UK taxes on what they earned in the country.
The new rules, which came into effect on April 6, abolished non-dom status and tightened rules around foreign trusts.
The tens of thousands of “non-doms” are now set to incur tax on their foreign earnings, which has prompted some to leave the UK.
Italy has taken the opposite approach, making it a popular destination for Europe’s ultrawealthy.
Since 2017, it has offered a “golden visa” program that taxes foreign income at a flat annual rate of 200,000 euros (about $227,000).
Nassef Sawiris, the billionaire owner of the soccer club Aston Villa, recently moved his residence from London to Italy and Abu Dhabi. He cited changes to the non-dom rules in an interview with the Financial Times, but pointed to the former government’s attempts rather than those brought in this month.
Other reported departures from the UK include the billionaire steel tycoon Lakshmi Mittal and real estate investor Asif Aziz.
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