Bank of America to create 1,000 new jobs in Belfast

This investment marks the financial company’s first move in Northern Ireland.

US financial institution Bank of America has announced plans to begin operations in Belfast, Northern Ireland, in a move that will generate up to 1,000 new jobs. This comes as a number of US financial companies announce investment into the UK and Ireland to the tune of more than £1.25bn.

Companies that have committed significant resources to the wider investment include payment platform PayPal, banking services provider Citi Bank and financial services firm S&P.

The creation of new employment opportunities in Belfast underscores the region’s growing role in global financial services.

Reportedly, the organisation has already begun its recruitment efforts and many of the roles will be in the area of fraud as the company is set to establish an anti-money laundering team in the city. The Belfast Telegraph has reported that the jobs will be entirely new, not transfers from Bank of America’s Dublin operations or from the UK.

Commenting on the news, the UK business and trade secretary Peter Kyle, MP said: “Today’s 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, delivering on our Plan for Change. These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners, ahead of the US presidential state visit.” This is in reference to the state visit this week of US president Donald Trump to the UK.

It is somewhat of a transformative time for Northern Ireland’s economy, as there has been a recent spate of significant investment into the region’s technology, life sciences and R&D sectors, in part linked to the UK’s Modern Industrial Strategy.

Mass data storage provider Seagate Technology Holdings recently announced a major investment of £100m into a five-year R&D project at its Derry facility.

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