Global investment bank The Goldman Sachs Group is expanding its footprint in the UK with a new office in the West Midlands that could bring hundreds of jobs.
The company - which is headquartered in New York - expects to open its new base in Birmingham before the end of the year.
The new office will house the firm's engineering division with a mix of hiring and employee transfers.
Eventually the company expects to have a headcount of 'several hundred' across a number of divisions.
Richard Gnodde, chief executive officer for Goldman Sachs International, said: "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."
The opening of an office in the West Midlands - which will be its biggest office outside of London - builds on the firm's successful expansion into other strategic locations and technology hubs in Europe in recent years, including Warsaw and Stockholm.
Goldman Sachs is yet to confirm where the new office will be based but has revealed that it will initially take a prime shared office space in the city centre ahead of a move to a more permanent location.
Neil Rami, chief executive of the West Midlands Growth Company, the region’s official investment promotion agency, has welcomed the news.
He said: "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.
"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."
Andy Street, Mayor of the West Midlands, added: "This is brilliant news for the West Midlands and a significant investment by Goldman Sachs. Not only will it help create hundreds of jobs here locally, but it also shows real confidence in our region and our ability to bounce-back quickly and strongly from the pandemic.
"Throughout the past year we have had two major Government departments announce relocations to the region, and seen firms such as BT pressing ahead with their plans for major office space. Combined with the news today there is a clear sign that employers still want significant town and city centre office space, which can only be great news for West Midlands businesses that thrive off office worker trade.
"Of course Goldman Sachs were looking at other locations across the country, but the team at the West Midlands Growth Company worked ferociously hard behind the scenes and I am delighted we’ve convinced the firm to move here."
