Fiat Chrysler’s London headquarters to house 50 finance staff

Article by Christian A., on May 23, 2014

The new headquarters of Fiat Chrysler Automobiles in London will be staffed by around 50 people and most of them will have finance backgrounds, two people privy with the details of FCA’s plan to move its tax residency to the United Kingdom told Automotive News Europe.

Among those holding offices in the UK are Fiat Chrysler chief executive Sergio Marchionne and Fiat Group Chairman John Elkann, one of the sources said, adding that chief financial officer Richard Palmer might also hold office in London.

One of the sources divulged that most of the staff in the London base will take care of treasury operations, although Fiat Chrysler has no immediate plans to tap new employees in London, adding that the carmaker’s Turin and Chrysler HQs will not be closed or will not have their workforce reduced.

The source told Automotive News Europe that the Fiat Chrysler is just adding a new office instead of shutting down an old one. One of the sources added that the Fiat plans to move more finance staff from Europe to Asia Pacific and Latin America.

Fiat’s decision to move its tax residency to the UK will allow it to take advantage of a 20-percent corporate tax rate in 2015, which is much lower than the rates of 31.4 percent in Italy and 35 percent in the US.

While the move may be advantageous financially for Fiat Chrysler, its location has become a cause of concern, especially because of the carmaker’s American-Italian background. Fiat has been based in Turin, Italy for around 115 years while Chrysler is one of the Detroit 3 and was bailed out by the US government in 2009.

Earlier this month, US Senator Carl Levin said he plans to introduce legislation that makes it more difficult for companies to shift their tax residence out of the US following a merger.

Around 14 US companies have completed these “inversion deals” since January 2012 or are considering them, according to Bloomberg. Fiat Chrysler will open its London office before the end of 2014.

If you liked the article, share on:

Comments

Recommended

Tesla is finally setting a more “definite” schedule with regards to the official launch of the Tesla Model 3 electric car. A “limited production” is said to be slated to...
by - February 25, 2017
Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 2017
The year 2018 marks the golden anniversary of Subaru of America. Of course, the company will celebrate 50 years of being at the helm of the brand’s crusade in North...
by - February 24, 2017
During car crashes and accidents, there are times that its occupants can’t get out easily. There are times when the only way to get out of that situation is to...
by - February 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries