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A wave of new US investment into the financial services sector is set to benefit Belfast, along with London, Edinburgh, and Manchester. Bank of America is planning to establish its first operation in Northern Ireland, creating up to 1,000 new jobs in the city. Citigroup has also committed to investing across its UK sites, including expanding its presence in Northern Ireland. The total value of investments from US firms such as PayPal and S&P Global exceeds £1.25 billion, announced ahead of President Donald Trump’s upcoming state visit to the UK.
The opening of the new Bank of America facility in Belfast will solidify the city’s position as a hub, particularly in financial technology and security operations. This move has been described by the UK’s Department for Business and Trade (DBT) as a major milestone that highlights the region’s expanding role in global financial services. Additionally, in 2023, the bank will be funding a three-year digital skills and employability program for 600 individuals from disadvantaged backgrounds, in partnership with Belfast Met. Recruitment for the initial roles in the new operation will commence soon, with a gradual build-up expected.
Brian Moynihan, Chair and CEO of Bank of America, expressed the company’s pleasure in extending its investment in the UK through the creation of a new Belfast operations facility to support its global business. Moynihan emphasized the significance of the early US-UK trade agreement discussions between the President and the Prime Minister, which have provided the business community with certainty and a framework to enhance transatlantic commerce. The Bank of America facility in Belfast will focus on advanced anti-money laundering systems and cybersecurity operations, creating high-skilled jobs in Northern Ireland’s fintech sector.
Citigroup, another US banking giant, has confirmed an additional £1.1 billion investment across its UK operations and a commitment to further expanding its presence in Northern Ireland. With over 4,000 employees in Belfast, Citigroup is a leading employer in the city, solidifying its status as a major technology powerhouse. Chief Executive Jane Fraser highlighted Citi’s deep commitment to the UK, where it has a significant presence across multiple locations and is proud to serve a large number of UK companies and the FTSE 100. The UK plays a critical role in Citi’s global operations and is fundamental to its identity as a truly global bank
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