Global investment bank to create hundreds of jobs with new Birmingham office

Goldman Sachs is set to open a new office in Birmingham in the third quarter of the year, bringing hundreds of jobs to the city.

The global banking giant says it will move its engineering division to the city with a mix of hiring and employee transfers with more to follow. It will be the bank’s largest office outside of London.

Richard Gnodde, chief executive officer for Goldman Sachs International, said: “Establishing a new office in Birmingham will diversify our UK footprint and give us access to a broad and deep talent pool in the local area. We see tremendous opportunity to enhance our UK presence and continue delivering for our global clients.”

Neil Rami, chief executive of the West Midlands Growth Company, said: “Goldman Sachs is one of the world’s most prestigious investment banking institutions, renowned for its laser-focus on recruiting the best and brightest talent and the pre-eminence of its data-driven, customer-centric technologies. We are delighted that Goldman Sachs has chosen Birmingham as the home of its major new presence, where it will harness the region’s entrepreneurial talent to develop its mission-critical digital expertise, creating hundreds of jobs.

“As the investment banking landscape continues to innovate in the face of rapid FinTech transformation, the West Midlands Growth Company put forward a compelling appraisal of the region’s digital engineering workforce, academic facilities and long-standing influence in the field of banking and finance. The region boasts the largest and most high value financial and professional services sector outside the capital and is super-charging the UK’s innovative potential through SuperTech; the UK’s first and only dedicated professional services-tech accelerator.

“Already the thriving home of client-facing operations for investors such as Deutsche Bank and HSBC UK’s headquarters, the West Midlands is successfully recasting typically London-centric banking structures, offering a premium but far more cost-effective base for innovative businesses with a growth-mindset. This is just the beginning of a surge in momentum in foreign investment here, with the 2022 Commonwealth Games and Coventry’s City of Culture status opening up new international avenues to strengthen trade and investment flows into the region.

“Goldman Sachs’ investment undoubtedly cements the West Midlands’ prominence on a global scale; it is powerful affirmation of our region’s appeal to the aspirations of the world’s most iconic, multinational financial services brands and the talent they seek to attract. As the outcome of a meticulous review of the UK’s digital employment base, it is another resounding endorsement of our best-in-class talent from the technology and finance sectors.

“We look forward to supporting Goldman Sachs’ long and prosperous journey here in the West Midlands.”