Leaders welcome banking giant's plan to open Birmingham office
Banking giant Goldman Sachs is to open a new office in Birmingham in a move that could lead to hundreds of roles being based in the city.
The bank said its engineering division would be the first to base staff in Birmingham through a mix of hiring and transfers.
It is hoped the first staff will begin working in the new office by the third quarter of this year.
The news has been hailed by leaders across the region.
Henrietta Brealey (pictured), CEO of Greater Birmingham Chambers of Commerce, said: “Goldman Sach 's investment is further testament to the city 's burgeoning position as a tech and professional services hub.
“This, together with recent announcements of investment in the city from the Department for Transport, the BBC and green shoots from as businesses being to unlock all add to a growing sense of optimism and momentum returning to this incredible city and region. ”
West Midlands mayor Andy Street said: “This is brilliant news for the West Midlands and a significant investment by Goldman Sachs. Not only will it help create hundreds of jobs here locally, but it also shows real confidence in our region and our ability to bounce-back quickly and strongly from the pandemic.
“Throughout the past year we have had two major Government departments announce relocations to the region, and seen firms such as BT pressing ahead with their plans for major office space.
“Combined with the news today there is a clear sign that employers still want significant town and city centre office space, which can only be great news for West Midlands businesses that thrive off office worker trade.
“Of course Goldman Sachs were looking at other locations across the country, but the team at the West Midlands Growth Company worked ferociously hard behind the scenes and I am delighted we 've convinced the firm to move here. ”
Neil Rami, chief executive of the West Midlands Growth Company, the region 's official investment promotion agency, 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 & 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. ”
ed 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 & 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. ”