Investment bank Goldman Sachs (GS) has announced plans to expand to Birmingham, England, later this year.
The US bank announced on Tuesday that it will open a new branch in the central English city in the third quarter of 2021 as part of its efforts to develop technical and engineering talent in the city.
Goldman will initially build an engineering division in Birmingham through new hires and employee transfers. The bank expects to have “several hundred” employees in several departments over time.
Goldman said a launch pad in Birmingham would offer unique advantages, saying the city’s proximity to London would allow easy travel between its UK offices. The bank employs thousands of staff at a purpose-built headquarters near London’s Blackfriars.
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“Opening a new office in Birmingham will diversify our presence in the UK and give us access to a broad and comprehensive talent pool in the region,” said Richard Gnodde, CEO of Goldman Sachs International.
“We see tremendous opportunities to expand our presence in the UK and continue to serve our global customers.”
Goldman has opened several regional offices across Europe in recent years, including locations in Warsaw, Poland and Stockholm.
Jo Hannaford, Head of Engineering in EMEA and Global Head of Regulatory and Business Services, said: “Many people have asked, ‘Why Birmingham?’ and it’s simple: we go where the talent takes us.”
“When we open a new office, we look for locations that are fast-paced, vibrant, innovative, full of culture and, of course, produce highly skilled professionals. Birmingham fits these requirements perfectly and is home to many excellent universities. We are very excited to be expanding our presence in the UK.”
Birmingham is England’s second-largest city after London. HSBC (HSBA.L) and Deutsche Bank (DB) both already have a strong presence in Birmingham, employing around 1,000 technology and back-office staff there.
Goldman will initially occupy premises at a temporary site in Birmingham before moving to premises designed specifically for engineers.
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