Goldman Sachs is set to establish a new office in Birmingham in the third quarter of this year, bringing in hundreds of jobs as a result.
The first to build out in the city will be the bank’s engineering division. This will be done through both hiring as well as staff transfers.
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The bank expects its other divisions to move to the city eventually, with an anticipated workforce of “several hundred” across various divisions.
Goldman Sachs International CEO Richard Gnodde 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.”
The latest move by Goldman Sachs reaffirms its backing for office life when other industry players are cutting down office space to weather the Covid-19 storm.
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By GlobalDataRecently, the bank’s CEO David Solomon rejected remote working as a “new normal” and called it an “aberration” instead.
He said that the bank had managed to run throughout 2020 with less than 10% of its employees in the office.
However, other banks have been revising their work approaches in the face of the pandemic.
This includes HSBC, which is reportedly providing over 1,200 call centre employees in the UK permanent home working contracts, and DBS Group which is reportedly reducing its office space in Singapore.
In February this year, it was reported that Standard Chartered will surrender several floors in its main offices in Hong Kong in a bid to lower costs.
Last month, a report said that DWS Group, the asset management arm of Deutsche Bank, is set to reduce office space in Frankfurt as its employees continue to work from home.
Similarly, last December, it was reportedly that Barclays is considering trimming its office space in the UK, the US, and India to cut costs.
