Fiat Chrysler Automobiles' London Headquarters To Focus On Corporate Finance
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.
Dropping 50 "finance specialists" into this city makes a great deal of sense if you are trying to raise some outside funding: http://www.zerohedge.com/news/2014-05-19/wealth-uks-1000-richest-people-increased-15-past-year-equal-35x-gdp-greece
No wonder the Italian economy is doing so bad. Companies just fxxking off.
From what I've seen on some of the pickup blogs, the "faithful" ignore or are clueless to the fact that Ram is no longer American. These same types sh!t all over Toyota and bring up "profits leaving the country" but don't know how to respond to FCA. A company with a head office in the Netherlands, a tax base in England, and NYSE trading centre. Are they Italian? or Dutch, or English or what?
@TangoR34 - does the mafia have a head office?