The Bank of England is ramping up its presence in Leeds with a more than seven-fold increase in staff in the City as it looks to grow its “northern hub”.
The Bank, which is headquartered in London’s Threadneedle Street, is aiming to expand the workforce in the West Yorkshire city from 70 currently to at least 500 by 2027.
It said it will offer staff voluntary internal relocations as well as hiring in Leeds to meet the target, although it will look to maintain its overall workforce of nearly 5,000.
The move follows the Bank’s announcement in April 2021 that it was creating a new “northern hub” to boost its presence outside London and in October last year, it opened a newly expanded office in Leeds at Yorkshire House.
Bank governor Andrew Bailey said: “Leeds is a thriving city where the Bank of England has had a significant presence for over 200 years.
“Committing to a permanent, expanded Leeds office is a fantastic opportunity for us better to represent the public, build stronger links with the local business community and help promote the work of the Bank to a wider pool of talented workers.”
Tracy Brabin, Mayor of West Yorkshire, said: “This decision from the Bank of England is a major vote of confidence in our region, cementing our reputation as England’s leading banking capital outside of London, and opening up hundreds of local jobs for our talented graduates and professionals.”
“By bringing decision-making power from London to the heart of the North, this move will benefit the entire country and help us rebalance our national economy,” she added.
The Bank first opened a Leeds branch in 1827 under Thomas Bischoff, who was the Bank’s first agent.
It has 12 Agencies across the UK, operating from a network of offices in Belfast, Birmingham, Bristol, Cardiff, Fareham, Glasgow, Leeds, Manchester, Newcastle and Nottingham.