Belfast, alongside London, Edinburgh and Manchester, is set to benefit from a wave of fresh US investment in the financial services sector.
Bank of America announced plans to create 1,000 new jobs in Belfast, marking its first major operation in Northern Ireland. Citi has also pledged further investment in its UK operations, with a stronger focus on Northern Ireland.
The commitments come ahead of US President Donald Trump’s official visit to the UK next week, as American firms including PayPal and S&P Global unveil over £1.25 billion in new investment.
Belfast to Become a Financial Hub
The UK’s Department for Business and Trade (DBT) said Bank of America’s new facility would help establish Belfast as a “major hub,” strengthening the city’s role as a center for financial technology and security operations.
The department called the move a milestone that highlights Northern Ireland’s growing role in global financial services.
In 2023, the bank funded a three-year digital skills and employment program for 600 disadvantaged people in partnership with Belfast Met.
A Bank of America spokesperson told BBC News NI that the Belfast operation will grow gradually, with recruitment for the first roles starting soon. The bank expects to finalize its location shortly.
CEO Brian Moynihan said the company was pleased to expand investment in the UK, adding that progress on a new US-UK trade agreement has given businesses the confidence to strengthen transatlantic ties.
A Signal of Global Confidence
DBT said the new facility would feature advanced anti-money laundering and cybersecurity operations, creating highly skilled jobs in Northern Ireland’s growing fintech sector.
“This investment reflects international confidence in Belfast’s talented workforce and advanced digital infrastructure,” a DBT spokesperson said.
Deputy First Minister Emma Little-Pengelly called the move “a major vote of confidence in Northern Ireland,” pointing to the region’s reputation for professional services.
Chancellor Rachel Reeves said the commitments from “leading US financial institutions” demonstrate strong UK-US ties and confidence in Britain’s economic transformation plans. She noted the investment will generate thousands of high-skilled jobs from Belfast to Edinburgh.
Business and Trade Secretary Peter Kyle said the announcements reinforce Britain’s position as “one of the world’s top destinations for investment,” while also strengthening ties with the US, one of the UK’s closest trade partners.
Citi Expands Its UK Operations
Citi confirmed it will invest an additional £1.1 billion in its UK operations, alongside a renewed commitment to grow its presence in Northern Ireland.
The bank already employs over 4,000 people in Belfast, making it one of the city’s largest employers and a key technology hub.
Citi CEO Jane Fraser said the UK is central to the bank’s global operations, with nearly 14,000 employees across London, Belfast, Edinburgh, and Jersey.
“Serving 85% of the FTSE 100, Citi stands with UK companies through every market cycle, helping them raise capital, finance growth, and compete globally,” Fraser said. “The UK is not only one of our biggest markets, it is a fundamental part of Citi’s foundation as a global bank.”
