If a city wants to be taken seriously as a financial centre, attracting a big investment bank would be a smart move. They don't come any bigger than Goldman Sachs.
Birmingham's portfolio of major financial institutions, already including HSBC and Deutsche, is soon to see an important new addition. Wall Street giant Goldman Sachs is growing it's footprint in the UK with a new office in the city centre, bringing hundreds of new jobs.
The bank will establish it's Engineering division in the city by the end of this year, with further departments to follow. The move will entail both the relocation of staff from it's London office and new local hires. Eventually, the company expects to have a headcount of 'several hundred'.
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.
It will initially move into temporary premises in the city centre while it designs and fits out it's new permanent presence.
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.
Like manufacturers, banks generate their own supply chain - legal, financial, IT and business services - so the total number of city centre jobs created will likely far exceed the headline figure. Hats off to all those in the West Midlands who made this happen.