City firms settle outside London in hunt for local talent

Banks and financial institutions are making moves to level the playing field between the City and the rest of the UK, as consecutive lockdowns and cost cuts encourage operations elsewhere.

The Bank of England and the Treasury are now hunting for talent further than the Square Mile, along with firms such as Goldman Sachs, with regional offices popping up in Leeds, Birmingham and elsewhere.

Shifts outside of London are being powered by a desire to “diversify our UK footprint”, according to Goldman’s international chief Richard Gnodde, with talent pools in local areas relatively untapped compared to the British capital.

READ  Goldman Sachs expands beyond London with plans to add hundreds of staff

Other popular destinations include Glasgow for JPMorgan and Barclays, Citigroup’s Belfast hub and a host of fund managers and Big Four accountancy offices in Manchester.

Some banks, such as Santander and Nationwide, are shifting major chunks of operations to remote working, allowing staff to work from anywhere in the country.

Further afield, Ireland is becoming a frequent choice for firms planning on expanding their EU operations after Brexit, or international companies seeking close proximity to the UK. US law firm Littler recently set up shop in Dublin, whilst Starling Bank is slowly building an office in the capital.

Here’s everything we’ve written so far about the move for financial services outside of London:

22 April 2021 — Bank of England consults with affected staff amid plans for new hub in Leeds

13 April — Goldman Sachs expands beyond London with plans to add hundreds of staff

25 March — Nationwide tells 13,000 staff they can ‘work anywhere’ as it slashes office space

25 March — Santander UK to cut office space with 5,000 staff moving to working from home

25 February — The Covid-driven exodus from cities may be permanent, Goldman warns

14 January — Insiders mock Sunak plans for Treasury North: ‘Lol. Good luck with that’

17 December 2020 — Gresham House acquires Irish boutique in EU push

19 November — Major US law firm Littler set to join Brexit stampede to Dublin

22 January — Goldman Sachs looks outside London for new tech home

17 September 2019 — JPMorgan to open new high-tech home in Glasgow

To contact the author of this story with feedback or news, email Emily Nicolle

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