New wave of US investment to create up to 1,000 jobs

Belfast, along with London, Edinburgh and Manchester, is set to benefit from a wave of new US investment into the financial services sector.

Bank of America intends to create up to 1,000 new jobs in the city, marking its first operation in Northern Ireland.

Citigroup has also pledged investment across its UK sites, including a further commitment to growing its presence in Northern Ireland.

The US firms, which also include PayPal and S&P Global, have announced the investments, worth more than £1.25 billion, ahead of President Donald Trump’s state visit to the UK next week.

The opening of the new Bank Of America facility is set to establish Belfast as “a key hub”, reinforcing the city’s position as a “centre of excellence for financial technology and security operations”, the UK’s Department for Business and Trade (DBT) said.

The department added the investment is a “major milestone that underscores the region’s growing role in global financial services”.

In 2023, the bank announced it would fund a three-year digital skills and employability programme, delivered by Belfast Met, for 600 people from socially and economically disadvantaged backgrounds.

On Saturday, a Bank of America spokesperson told BBC News NI there will be a “gradual build up” of its new Belfast operation.

Recruitment for the first roles “will start soon” and the bank “will also shortly conclude on location”, he added.

Chief Executive Brian Moynihan said Bank of America was “pleased” to extend its investment in the UK “with the creation of a new Belfast operations facility to support our global business”.

“The early US-UK trade agreement that the president and the prime minister began discussing in February has provided the business community with the certainty and framework it needs to strengthen transatlantic commerce,” he added in a statement.

The Bank of America facility in Belfast “will house cutting-edge anti-money laundering systems and cyber security operations”, and is expected to create “high-skilled jobs in Northern Ireland’s growing fintech sector”, a DBT spokesperson told BBC News NI.

The investment “underscores international confidence in Belfast’s talented workforce and advanced digital infrastructure”, strengthens the city’s reputation as an “international financial services destination” and supports economic growth, they added.

Deputy First Minister Emma Little-Pengelly said the Bank of America investment “is a hugely significant sign of confidence in Northern Ireland, building on a “growing, global reputation for highly skilled and professional services for big international companies”.

“Highly skilled jobs and a real show of faith and confidence in our economy,” she wrote on social media.

“The bank has referenced the new UK-USA trading agreements and arrangements as a facilitator for this investment. It is hugely welcome that Northern Ireland will get a significant benefit from this UK-wide investment. Exciting times ahead.”

In a statement, Chancellor Rachel Reeves said the commitment from “America’s leading financial institutions” demonstrates “the immense potential of the UK economy, our strong relationship with the US and the confidence global investors have in our plan for change“.

The investments “will create thousands of high-skilled jobs from Belfast to Edinburgh, kickstarting the growth that is essential to putting money in working people’s pockets across every part of the United Kingdom”, Reeves added.

Business and Trade Secretary Peter Kyle said the announcements “reinforce the UK’s position as the world’s leading investment destination”.

“Our financial services sector is at the heart of a modern, dynamic industrial strategy.

“Strengthening ties with the US boosts our economy, creates jobs, and secures our role in global finance… These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners.”

US banking giant Citigroup has also confirmed it is investing an additional £1.1bn across its UK operations, alongside “a further commitment to growing its presence in Northern Ireland”, the DBT added.

“The bank is already one of the top employers in Belfast now employing over 4,000 people – firmly establishing Belfast as a major technology powerhouse.”

Citigroup Chief Executive Jane Fraser added: “Citi’s commitment to the UK runs deep. This is home to many of our most senior leaders and nearly 14,000 colleagues across London, Belfast, Edinburgh and Jersey.

“We’re proud to be serving 85% of the FTSE 100 and to have stood beside UK companies through every market cycle, raising capital, financing growth and helping them compete on the world stage.

“The UK isn’t simply one of our largest markets; it is core to Citi’s foundation as a truly global bank.”