Fiat Chrysler Automobiles’ new headquarters in London, England will be as small as many Silicon Valley startups, with a staff of 50 mostly focused on finance.
Automotive News Europe reports FCA CEO Sergio Marchionne and Fiat Group chairman John Elkann will have a home in London, with FCA COO Richard Palmer possibly having a place there as well. Though no new hiring is planned, the automaker hopes to pull more finance employees from its Asia Pacific and Latin American regions to its headquarters, where most of the work will involve treasury operations.
The move to London also means tax savings for FCA; whereas Fiat paid 31.4 percent in corporate taxes to Italy while Chrysler paid 35 percent to the United States, the Italo-American company will pay only 20 percent for its part of filling the Queen’s coffers. This strategy has come under fire from both sides of the Atlantic, with feelings of betrayal on the part of Italians due to history, and on Americans due to tax dollars used to rescue Chrysler in 2009.