United States based investment bank and provider of financial services Goldman Sachs Group Inc. (GS) will be opening a new office in the city of Birmingham, United Kingdom. The office will be a sign of the bank expanding its reach across Europe.
Goldman Sachs says the first employees will start working in the office in the third quarter of the year. It didn’t disclose the number of the initial employees but the bank said over time the branch will have over hundred employees.
Additionally, the bank said the engineering unit will be the first to occupy the offices in Birmingham in which some will be transferred there and new ones hired as well.
“We see tremendous opportunity to enhance our UK presence and continue delivering for our global clients,” said the bank’s overall CEO Richard Gnodde.
This development comes at a time when the banking industry has be laying off its staff courtesy of the pandemic. Some banks like London based investment bank HSBC Holding Plc. (LON: HSBA) are even contemplating massive job cuts.