Goldman Sachs Group has begun a review of its London operations that could result in entire departments going overseas to avoid paying increasing British taxes, the Daily Telegraph reported in its Monday edition.

The newspaper, which quoted unnamed sources, said the bank was understood to be considering its options after Britain announced plans for a new tax on bankers' bonuses, a new income tax rate and the increased banking regulations.

The Telegraph said the investment bank had asked an internal team to examine various strategies, including whole divisions being moved abroad.

It said the review was in the very early stages and could also recommend no changes at all.

Goldman's proprietary trading arm, foreign exchange trading teams and the bank's back office operations were all mentioned as areas that could be examined in the review.

Britain has unveiled a 50 percent tax for banks on bonuses over 25,000 pounds in a bid to rein in multimillion-pound payouts by an industry bailed out by taxpayer cash.

It has also announced plans for a 50 percent top rate of income tax on high earners.

No one at Goldman Sachs was immediately available to comment.