Bonus tax might prompt foreign bankers to leave UK

Attacks by UK officials on the financial system, including a tax on bankers' bonuses, are threatening to spur many foreign bankers to leave the City and relocate to areas that are more welcoming. JPMorgan Chase, HSBC, BNP Paribas, Goldman Sachs, Deutsche Bank and other major financial institutions are expected to face departures. "The industry is highly mobile, and institutions and individuals -- including the many financial-services sector employees who are non-UK nationals -- may relocate elsewhere," AFME said. Meanwhile, banks are considering whether to globalise the UK tax on bankers' bonuses.

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