Bank of England to increase its Leeds office presence

The Bank of England says it will increase its presence in Leeds, with further details revealed today for an expanded and permanent presence in the city.

The bank is committed to having at least 500 staff based in Leeds by 2027, which equates to around one in 10 employees.

The headcount target will be met through a combination of voluntary internal relocations and new recruitment in Leeds. The bank says it will look to maintain its current headcount while expanding its numbers in Leeds.

It explains that the increased office space in Leeds aims to improve trust and a wider understanding of the bank’s work in the UK, ensure as an organization it better represents the people it serves, help access wider funding of UK talent and retain talented colleagues.

Bank of England Governor Andrew Bailey said: “Leeds is a thriving city where the Bank of England has had a significant presence for over 200 years.

“Committing to a permanent and expanded office in Leeds is a fantastic opportunity for us to better represent the public, build stronger links with the local business community and help promote the Bank’s work to a wider pool of talented workers .”

Tracy Brabin, Mayor of West Yorkshire, said: “With booming cities, bustling towns and beautiful countryside, national institutions flock to West Yorkshire.

“This decision by the Bank of England is a major vote of confidence in our region, cementing our reputation as England’s leading banking capital outside of London and opening hundreds of local jobs for our talented graduates and professionals.

“By bringing decision-making power from London to the heart of the north, this move will benefit the whole country and help us rebalance our national economy.”

Councilor James Lewis, leader of Leeds City Council, added: “Leeds is the UK’s second largest city for financial services and a major center for related professional services.

“This move further strengthens the city’s progress and influence and shows the strength of the Leeds team and private and public sector partners coming together to deliver brilliant results in a truly collaborative way for the best impact on our residents. “