Overview

• David Solomon warned that the abolition and tightening of non-dom tax status, coupled with potential wealth levies, has driven senior bankers to shift from London to Paris, Frankfurt and other EU hubs.
• He urged a review of the UK’s ring-fencing rules, describing the strict separation of retail and investment banking as a regulatory outlier that stifles capital formation and growth.
• Solomon highlighted that Goldman Sachs’ European headcount in Paris has grown from about 80 a decade ago to roughly 400 today, reflecting talent mobility post-Brexit.
• The CEO argued that punitive tax and regulatory moves not only risk eroding London’s appeal but can also backfire by reducing overall revenue when high-net-worth individuals depart.
• While expressing support for growth-oriented rhetoric in last month’s Mansion House speech, he stressed that concrete policy reversals are needed now to retain expertise and investment.