The Bank of England has revealed plans to open a new northern hub in Leeds city centre.
The move will see staff relocated from London to Leeds, where the bank has had a presence since 1827.
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However, the announcement coincides with the decision to close the Bank of England's existing cash distribution centre in Leeds by February 2023.
The venue on King Street prints cash and provides a specialist service where damaged banknotes are assessed and redeemed. These operations will be moved to an existing site in Debden, Essex.
34 jobs are at risk at the Leeds city centre venue and discussions are underway with Unite the Union.
The announcement about the new Leeds hub comes ahead of a review into the bank's "geographical footprint", with chiefs believing a greater emphasis should be placed on the institution's 12 sites outside the capital.
There could also be major changes to the way staff work, with remote working and more flexible structures implemented going forward.
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Bank of England governor Andrew Bailey said: “Our mission at the Bank is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability and to deliver that for the whole country.
"Having a greater proportion of our workforce located outside London and the South East will better enable us to support our mission."
Jo Place said: "We are the Central Bank of the UK and we are committed to how we can best serve, and represent, all the people in the UK. Our physical presence in locations across the country is a critical part of that."
The Bank of England move follows similar decisions by other national companies to relocate to Leeds.
Channel 4 launched its new national headquarters in Leeds city centre in 2019.
Meanwhile, the government announced a new National Infrastructure Bank for Leeds in this year's Budget. Just two weeks later, the Department for Transport revealed hundreds of jobs could move to the city as part of plans for a new Northern Hub.
