Yahoo has confirmed that it is moving its European headquarters from London to Switzerland, even though its possible purchase by Microsoft may alter the plan. Fifty senior staff, out of its 700 UK employees, will move by the end of the year.
Yahoo wants to cut its corporate tax bill and reports have suggested the Swiss government is offering an unconfirmed tax break to the company, which announced the move to its staff by email on Thursday. The move — Operation Yodel — will take 18 months to complete. Although the main headquarters will move to Rolle, on the shores of Lake Geneva, the company will keep a presence in London.
"This decision is part of our ongoing international business strategy to increase competitiveness and deliver financial-result performance and efficiency," a spokeswoman said, confirming reports in the Financial Times and The Wall Street Journal. "Yahoo Europe remains committed to maintaining a strong presence in all of its key markets in Europe."