The build out of an office in Birmingham offers Goldman Sachs access to a strong and deep new talent pool, excellent academic institutions, a growing technology sector and longstanding leadership in STEM industries.
Engineering will be the first division to build out in Birmingham with a mix of hiring and employee transfers. Similar to other strategic locations, multiple areas of the firm will also leverage this opportunity and Goldman Sachs expect to have a headcount of several hundred across a number of divisions over time.
Richard Gnodde, chief executive officer for Goldman Sachs International, said:
“We believe Birmingham offers a number of unique advantages and the city’s proximity to our London office will allow for easy travel between UK offices for our people to stay closely connected with other divisions and clients.
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.”
Commenting on Goldman Sachs’ investment in the West Midlands to create a major new presence in the region, 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.”