Leading global investment banking and management firm Goldman Sachs announced its plans to expand its footprint in the UK by opening a new office in Birmingham. The company further announced that it aims to welcome people to the office in the third quarter of this year.
Why Birmingham?
By opening an office in Birmingham, Goldman Sachs will get access to a strong and deep new talent pool, a growing technology sector, excellent academic institutions and longstanding leadership in STEM industries.
The investment management firm believes that Birmingham offers unique advantages. Also, it is close to London and will enable easy commute between the two UK offices.
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.”
First step in expansion
Firstly, Goldman Sachs will focus on engineering as it opens a new office in Birmingham. Its new office will have a mix of new hires and employee transfers. Similar to the other strategic locations, multiple areas of the company will also leverage this opportunity. It is believed that there will be several hundreds of employees across a slew of divisions over time.
The Birmingham office will let Goldman Sachs build on the successful expansion in other strategic locations and tech hubs in Europe including Stockholm and Warsaw.
Goldman Sachs is the latest in a string of BPFS firms that have chosen to relocate or expand outside of the capital to take advantage of the region’s tech credentials. HSBC UK and Deutsche Bank are among the other banking heavyweights to recognise the West Midlands’ potential as a headquarter destination.
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