Former Goldman Sachs Vice-Chairman Michael Sherwood Leaves UK Over Tax Hike Fears
Former Goldman chief Michael Sherwood leaves Britain amid tax hike fears, joining an exodus of wealthy individuals leaving the UK.
POLICY WIRE — London, United Kingdom — Michael Sherwood, a former vice-chairman of Goldman Sachs and board member of fintech giant Revolut, has departed Britain amid growing concerns over the country’s rising tax burden.
Sherwood, widely known as Woody and born in 1965, previously served as co-chief executive officer of Goldman Sachs International until November 2016. His departure makes him the latest high-profile financier to relocate from the nation as fiscal policies shift.
According to the 2019 Sunday Times Rich List, Sherwood held an estimated net worth of £195 million, marking a £10 million decline from his standing in 2018. During his 31-year career with Goldman, the veteran executive played a pivotal role in driving significant expansion across the financial institution’s international footprint.
Following Sherwood’s exit, his former co-chief assumed sole leadership responsibilities for the EMEA region, leaving Goldman to place its strategic confidence in Gnodde. The broader financial sector has also noted Sherwood’s past warnings regarding potential economic turbulence, having previously remarked that he senses an impending crash with parallels to the global financial crisis driven by shadow banking worries.
Data from a wealth index analysis indicates that an ongoing exodus of ultra-high-net-worth individuals from Britain since Labour assumed power has created a £120 billion, or $160 billion, financial gap. More than a dozen individuals holding multibillion-pound fortunes have either departed or distanced themselves from the country in search of more advantageous tax environments.
Reporting by Policy-Wire (PW)
