Major US financial firms including PayPal, Bank of America, Citi Bank, and S&P Global have committed over £1.25 billion in new investments across the UK, creating 1,800 jobs in cities into London, Belfast, Edinburgh and Manchester. The announcement comes ahead of next week’s US Presidential State Visit and reinforces what officials call the “golden corridor” between Britain and America in financial services.
Bank of America is making its first investment into Northern Ireland with up to 1,000 new jobs in Belfast, while Citi Group confirmed a £1.1 billion investment across its UK operations. BlackRock celebrated opening its new Edinburgh office this week, nearly doubling its 800-strong workforce there, and S&P Global invested over £4 million in its Manchester offices to support 200 permanent positions.
The investments highlight the strength of transatlantic financial ties, with PayPal announcing a £150 million commitment to product innovation for UK customers and BlackRock expecting to allocate over £7 billion to the UK market next year. British firms are also expanding westward, with Barclays deploying over $2 trillion in US capital in 2024 and aiming to double that figure over the next decade.
Business and Trade Secretary Peter Kyle said the announcements reinforce the UK’s position as “the world’s leading investment destination,” while Chancellor Rachel Reeves praised the demonstration of confidence in Britain’s economy. The deals form part of wider trade flows worth £20 billion between the two nations, cementing the UK’s role as a global financial hub.
Full press release: https://www.gov.uk/government/news/us-financial-giants-boost-uk-investments-and-jobs-across-london-edinburgh-belfast-and-manchester