'Putting money in working people’s pockets': Bank of America announces plans to create up to 1,000 new jobs in Belfast with its first-ever operation in Northern Ireland
Meanwhile, Citi has confirmed a further investment as part of a £1.1 billion commitment to its UK operations, including a further commitment to growing its presence in Northern Ireland where the bank is already one of the top employers in Belfast now employing over 4,000 people — firmly establishing Belfast as a major technology powerhouse
Northern Ireland is set to benefit from a significant wave of US investment into the UK financial services sector, with Bank of America announcing plans to create up to 1,000 new jobs in Belfast — its first-ever operation in Northern Ireland.
The move comes as part of a broader £1.25 billion investment by major US firms — including Citi, PayPal, S&P Global and BlackRock — into the UK financial services sector, in a development hailed by the UK Government as a "vote of confidence" in the UK’s economic direction and global standing ahead of next week’s US Presidential State Visit.
Belfast stands out as one of four UK cities — along with London, Edinburgh and Manchester — set to gain from the new investment, which aims to create high-skilled jobs, drive innovation and deepen the UK-US economic partnership.
Bank of America’s decision to launch operations in Northern Ireland marks a significant milestone for the region. The company’s presence is expected to further strengthen Northern Ireland’s growing reputation as a key global hub for financial services and technology.
Meanwhile, Citi has confirmed a further investment as part of a £1.1 billion commitment to its UK operations, including a further commitment to growing its presence in Northern Ireland where the bank is already one of the top employers in Belfast now employing over 4,000 people — firmly establishing Belfast as a major technology powerhouse.
Business and Trade Secretary Peter Kyle said yesterday: “Today’s announcements reinforce the UK’s position as the world’s leading investment destination. Our financial services sector is at the heart of a modern, dynamic Industrial Strategy.
“Strengthening ties with the US boosts our economy, creates jobs, and secures our role in global finance, delivering on our Plan for Change.
“These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners, ahead of the US Presidential State Visit.”
This marks a significant vote of confidence in the UK’s position as a global financial hub and in the government’s plan to make Britain the best place in the world to invest — a vision underpinned by the UK’s Modern Industrial Strategy, which is driving investment into priority sectors like financial services.
These investments highlight the enduring value of the transatlantic relationship — a cornerstone of shared prosperity that supports millions of jobs and drives growth in every region.
Chancellor of the Exchequer Rachel Reeves explained: "This commitment from America's leading financial institutions demonstrates the immense potential of the UK economy, our strong relationship with the US and the confidence global investors have in our Plan for Change, which is making the UK the best place in the world to invest and do business.
“These investments will create thousands of high-skilled jobs from Belfast to Edinburgh, kickstarting the growth that is essential to putting money in working people’s pockets across every part of the United Kingdom.”
Broadridge is making major investments into their new London office, further strengthening its UK presence and deepening transatlantic ties in financial services.
As part of the UK’s expanding fintech and digital innovation sector, PayPal is announcing a £150m investment in product innovations and growth that will benefit customers throughout the UK, reinforcing Britain's position as a key market for the brand globally.
Jane Fraser, Citi Group CEO said: “Citi’s commitment to the UK runs deep. This is home to many of our most senior leaders and nearly 14,000 colleagues across London, Belfast, Edinburgh and Jersey.
“We’re proud to be serving 85% of the FTSE 100 and to have stood beside UK companies through every market cycle, raising capital, financing growth and helping them compete on the world stage. The UK isn’t simply one of our largest markets; it is core to Citi’s foundation as a truly global bank.”
The UK-US investment relationship has never been stronger, with over £1.2 trillion invested in each other’s countries at the end of 2023.
These new investment announcements are accompanied by new significant commitments by financial companies to ramp up their commercial activity and capital flows between our two economies in the coming years: Blackrock allocating £7 billion to the UK market over the next five years, Rothesay planning to double its investment in the US (by £7 billion) over the next few years, and OakNorth committing to increased capital and lending of over £3.5 billion to support its US operations.
All in all, that will see investment and capital commitments of over £8 billion coming to the UK, and over £12 billion going the other way, creating jobs and opportunity in both countries.
Earlier this year, the Chancellor launched the Financial Services Growth and Competitiveness Strategy, which included financial services as a high growth sector, signifying the UK’s commitment improving financial regulations and driving investment and skilled jobs into the UK.
The UK and US agreed an Economic Prosperity Deal which secured major tariff reductions for key sectors and protected jobs in the automotive and aerospace sector. Discussions continue with the US on a wider UK-US Economic Deal which will look at increasing digital trade, strengthen supply chains and boost access for our world-leading services companies.