The UK government confirmed that the Bank of America will open its first Northern Ireland operation in Belfast, creating up to 1,000 new jobs.
Officials in the UK are touting BofA’s expansion and similar moves by other US financial firms as evidence of growing American interest in Britain’s financial services ahead of President Trump’s trip next week.
Reeves says BofA’s expansion will create more jobs and promote economic growth
According to the UK Department for Business and Trade, Bank of America’s new facility would establish Belfast as a leading hub, reinforcing its reputation as a fintech innovation and security operations center.
It further noted that the project would be a “major milestone that underscores the region’s growing role in global financial services.” Officials said the jobs will focus on technology, operations, and financial services, significantly boosting Northern Ireland’s skilled workforce.
The bank confirmed to BBC News NI on Saturday that the Belfast office would be built up in phases, adding that recruitment will begin shortly and the final location will be announced soon.
Bank of America CEO Brian Moynihan said the company is glad to expand its UK footprint with a new Belfast operations center to serve its global operations. He wrote in a statement, “The early US-UK trade agreement that the president and the prime minister began discussing in February has provided the business community with the certainty and framework it needs to strengthen transatlantic commerce.”
According to a DBT spokesperson, the Belfast site will feature advanced AML systems and cybersecurity functions and is expected to generate high-value jobs within Northern Ireland’s fintech industry. The Deputy First Minister Emma Little-Pengelly described the investment as a powerful signal of trust in Northern Ireland, noting that it reinforces the region’s expanding reputation for world-class professional services.
Additionally, Chancellor Rachel Reeves stated that the investments will create jobs across the country, from Belfast to Edinburgh, and help drive the growth needed to raise household incomes.
The Business and Trade Secretary Peter Kyle said the news reaffirms the UK’s place as a leading investment hub. He noted that the financial services sector drives a dynamic economy. He commented, “Strengthening ties with the US boosts our economy, creates jobs, and secures our role in global finance. These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners.”
Citigroup is planning on investing more in its UK operations
The UK Department for Business and Trade also confirmed Citigroup will inject £1.1 billion into its UK business. In comparison, S&P Global pledged over £4 million for its Manchester offices.
Part of Citi’s UK investment will go toward expanding its presence in Northern Ireland, with CEO Jane Fraser stressing that the UK remains a cornerstone of Citi’s global operations. Fraser noted that Citi’s relationship with the UK is long-established, with nearly 14,000 employees across London, Belfast, Edinburgh, and Jersey — including many of its senior leaders.
As Cryptopolitan reported last month, UK business activity rose at its quickest pace in a year in August, while government borrowing was less than economists had expected for the month before; these offered a mild lift to public finances even as growth eases and hiring remains subdued.
The S&P Global UK Composite Purchasing Managers’ Index increased to 53 in August from 51.5 in July. Readings over 50 indicate expansion; August was the fourth consecutive month that found the index in that territory.
The gain was led by stronger demand in business services, where firms indicated a clear increase in new work. The country’s manufacturers also reported improved sentiment, but services led the way and pulled up the overall index relative to a month earlier.
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Source: https://www.cryptopolitan.com/bank-of-america-adds-1000-jobs/
