The Bank of England aims to employ 500 people in its Leeds office

The Bank of England plans to develop its northern Leeds hub with plans for hundreds of jobs there over the next three years.

The bank, which is based in London’s Threadneedle Street, aims to increase the number of employees at its Yorkshire headquarters from 70 currently to at least 500 by 2027. This would be around a tenth of its total staff.

It said it would offer staff voluntary internal relocations as well as jobs in Leeds to meet the target, although it would look to maintain its total workforce of almost 5,000. The move follows the bank’s announcement in April 2021 that it would create a new “northern hub” to boost its presence outside of London, and last October it opened a newly expanded office in Leeds at Yorkshire House.

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Bank 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: “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 up hundreds of local jobs for our talent . 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.”

Leader of Leeds City Council, James Lewis, said: “Leeds is the UK’s second largest city for financial services and a major center for related professional services, this move further reinforces the city’s progress and influence and shows the strength of the Leeds team and of partners around the world. private and public sectors coming together to deliver brilliant results in a truly collaborative way for the best impact on our residents.”

The bank first opened a branch in Leeds in 1827 under Thomas Bischoff, who was the bank’s first agent. It has 12 agencies across the UK, operating from a network of offices in Belfast, Birmingham, Bristol, Cardiff, Fareham, Glasgow, Leeds, Manchester, Newcastle and Nottingham.