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Western Europe / UK

Goldman Sachs to open new UK office in Birmingham

US banking giant Goldman Sachs eventually plans to employ several hundred staff at its new site in Birmingham, England.

New York-based multinational investment bank Goldman Sachs has announced plans to open a new office in Birmingham, England, by the third quarter of 2021.

The firm will initially build out an engineering division at the office through a mix of new hires and employee transfers. It eventually plans to have a headcount of several hundred across multiple divisions at the location.

In a press release, Goldman Sachs noted Birmingham’s “access to a strong and deep new talent pool, excellent academic institutions, a growing technology sector, and long-standing leadership in STEM industries”. It also mentioned that the city’s proximity to its London office will allow for close contact 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 a tremendous opportunity to enhance our UK presence and continue delivering for our global clients,” said Richard Gnodde, chief executive officer, Goldman Sachs International.

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Goldman Sachs chief executive officer David Solomon has previously voiced concerns that Covid-related working-from-home measures do not suit the company’s work culture and encouraged staff to return to the office once possible.

“I do think for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal. And it’s not a new normal. It’s an aberration that we’re going to correct as soon as possible,” he told a conference in February 2021.

Naomi Davies

Naomi Davies

FDI consultant

Naomi Davies is an FDI consultant at Investment Monitor, with expertise in location benchmarking and cross-border investment.