Large business corporation, Goldman Sachs banking have been given the green light by Birmingham City Council to open their next franchise building in city centre.
The finance sector currently employs more than 2.3 million people in the UK, according to TheCityUK’s March 2021 report. With the American company finding great success in Stockholm and Warsaw, they now want to continue expansions near Europe.
In a press conference held to announce the arrival of the new building, chief executive Richard Gnodde said: “We are very excited to be expanding our footprint in the UK.”
The plans are set to bring more than 1,000 finance and technology jobs to Birmingham, giving a helping hand to the current 15% unemployment rate within the city. From January to June in 2020, over 77,000 workers lost their jobs with the worst affected area being Ladywood, all according to the Labour Market’s 2020 second quarter update.
Neil Rami, chief executive of West Midlands Growth Company, said: “We are delighted that Goldman Sachs has chosen Birmingham as the home of its major new presence.”
Large universities, such as the University of Birmingham and Birmingham City University, are producing 16,000 technology and maths graduates annually, according to the Higher Education Statistics agency. This allows students in Birmingham to stay and fund the city’s economy, instead of having to relocate to London for work.
Andy Street, Mayor of the West Midlands said: “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.”