- New US investments will create 1,800 jobs from Belfast to Edinburgh and boost benefits for millions of customers.
- Total of over £1.25 billion of private US investment committed to the UK’s world-leading financial services sector including PayPal, Bank of America, Citi Bank, and S&P.
- Demonstrates the enduring strength of the UK-US ‘golden corridor’ in financial services, with British banks expanding operations into the US and booming cross-border investment flows reinforcing that working with America is best for Britain.
- Deal lines up £20 billion in trade between the two nations – including an expected £7 billion commitment from BlackRock to grow in the UK.
London, Edinburgh, Belfast and Manchester are set to benefit from a wave of new US investment into the financial services sector, reinforcing the strength of the UK-US economic partnership ahead of next week’s Presidential State Visit.
Working with America is best for Britain — and today’s announcement proves it. A total of over £1.25 billion in private sector commitments from leading US firms — including PayPal, Bank of America, Citi Bank, and S&P Global — will support job creation, drive innovation, and deliver improved services for consumers in the UK.
US giants are capitalising on Britain’s leadership in financial services – expanding operations and opening new offices across the nation, with London, Edinburgh, Belfast and Manchester set to gain from a wave of skilled job creation.
Bank of America is set to create up to 1,000 new jobs in Belfast, marking its first-ever operation in Northern Ireland — a major milestone that underscores the region’s growing role in global financial services.
Citi Group today confirms it is investing £1.1 billion across its UK operations, including a further commitment to growing its presence in Northern Ireland where the bank is already one of the top employers in Belfast now employing over 4,000 people — firmly establishing Belfast as a major technology powerhouse.
BlackRock are celebrating the opening of their new Edinburgh office this week, which will see their 800-strong footprint nearly double, as part of their multi-billion dollar investment into the UK.
In Manchester, S&P Global are investing over £4 million into their Manchester offices which will support 200 permanent jobs to boost their nearly 3,000-strong UK workforce.
Business and Trade Secretary Peter Kyle 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 marks a significant vote of confidence in the UK’s position as a global financial hub and in the government’s plan to make Britain the best place in the world to invest — a vision underpinned by the UK’s Modern Industrial Strategy, which is driving investment into priority sectors like financial services.
These investments highlight the enduring value of the transatlantic relationship — a cornerstone of shared prosperity that supports millions of jobs and drives growth in every region.
Chancellor of the Exchequer Rachel Reeves said
This commitment from America’s leading financial institutions demonstrates the immense potential of the UK economy, our strong relationship with the US and the confidence global investors have in our Plan for Change, which is making the UK the best place in the world to invest and do business.
These investments will create thousands of high-skilled jobs from Belfast to Edinburgh, kickstarting the growth that is essential to putting money in working people’s pockets across every part of the United Kingdom.
Broadridge is making major investments into their new London office, further strengthening its UK presence and deepening transatlantic ties in financial services.
As part of the UK’s expanding fintech and digital innovation sector, PayPal is announcing a £150m investment in product innovations and growth that will benefit customers throughout the UK, reinforcing Britain’s position as a key market for the brand globally.
Jane Fraser, Citi Group CEO said
Citi’s commitment to the UK runs deep. This is home to many of our most senior leaders and nearly 14,000 colleagues across London, Belfast, Edinburgh and Jersey.
We’re proud to be serving 85% of the FTSE 100 and to have stood beside UK companies through every market cycle, raising capital, financing growth and helping them compete on the world stage.
The UK isn’t simply one of our largest markets; it is core to Citi’s foundation as a truly global bank.
The UK-US investment relationship has never been stronger, with over £1.2 trillion invested in each other’s countries at the end of 2023.
These new investment announcements are accompanied by new significant commitments by financial companies to ramp up their commercial activity and capital flows between our two economies in the coming years.
Blackrock is expecting to allocate over £7 billion to the UK market next year on behalf of clients, and is investing £500 million into enterprise data centres across the country.
Rothesay is planning to double its investment in the US (by £7 billion) over the next few years, and OakNorth is committing to increased capital and lending of over £3.5 billion to support its US operations.
British banks are expanding their US footprint; Barclays alone has deployed over $2 trillion in capital across the US in 2024 and continues to play a pivotal role in strengthening UK-US investment ties. The bank has an ambition to double this amount over the next decade, expanding its footprint and supporting growth across sectors.
All in all, that will see investment and capital commitments of over £8 billion coming to the UK, and over £12 billion going the other way, creating jobs and opportunity in both countries.
Earlier this year, the Chancellor launched the Financial Services Growth and Competitiveness Strategy, which included financial services as a high growth sector, signifying the UK’s commitment improving financial regulations and driving investment and skilled jobs into the UK.
The UK and US agreed an Economic Prosperity Deal which secured major tariff reductions for key sectors and protected jobs in the automotive and aerospace sector. Discussions continue with the US on a wider UK-US Economic Deal which will look at increasing digital trade, strengthen supply chains and boost access for our world-leading services companies.
Background
Today’s announcements mark the start of a week of activity to strengthen economic ties between the US and UK. Further announcements reflected in the totals above are expected this week
Please see below for a list of all the investments announced today.
Bank of America is set to create up to 1,000 new jobs in Belfast, marking its first-ever operation in Northern Ireland — a major milestone that underscores the region’s growing role in global financial services.
Brian Moynihan, Chair and CEO of Bank of America, said
At Bank of America we are focused on helping our clients advance economic opportunity and prosperity on both sides of the Atlantic. The early US-UK trade agreement that the President and the Prime Minister began discussing in February has provided the business community with the certainty and framework it needs to strengthen transatlantic commerce.
We are pleased to be able to extend Bank of America’s investment in the UK with the creation of a new Belfast operations facility to support our global business, bringing up to 1,000 new opportunities to Northern Ireland.
Citi Group are investing £1.1 billion into the UK. The UK is Citi’s second largest market globally, employing 14,000 people across the UK, working across four main sites – London, Belfast, Edinburgh and Jersey. Citi Bank have undertaken a major investment into the refurbishment of our Canary Wharf headquarters and continued investment into their Northern Ireland operations.
BlackRock will open their new Edinburgh offices on 18 September, which shows their ongoing commitment to the area – this new home will allow Blackrock to grow from 800 to 1,400. Once complete, two of the top five largest BlackRock offices will be in the UK.
Larry Fink, Chairman and CEO of BlackRock, said
As the largest asset manager in the UK, BlackRock is proud to serve over 13 million British people who are saving for retirement. Today we are announcing an investment of half a billion pounds into enterprise data centres across the country, advancing digital infrastructure for British-based businesses.
In addition, over the last year our clients around the world invested over £7bn into UK public equity and fixed income securities. We expect this trend to continue, supporting jobs, growth and innovation across a wide range of British industries.
PayPal is announcing a £150m investment in product innovations and growth that will benefit customers throughout the United Kingdom. This incorporates financing for new product initiatives that have been created for British consumers, which are due to launch in the coming months. It reinforces Britain’s position as a key market for the brand globally.
PayPal CEO, Alex Chriss said
The UK has always been an important region for PayPal, serving millions of customers and businesses for the last two decades,” said PayPal President & CEO Alex Chriss.
As the pioneer of e-commerce, PayPal is making a £150mm investment in UK to enable British consumers and businesses to be among the first in the world to experience our latest innovations, including AI-enabled shopping experiences.
Barclays is building out its Americas headquarters in Times Square, New York. With state-of-the-art facilities and technology, this flagship office will connect the US and UK and serve as a global hub that drives innovation for clients and economic growth on both sides of the Atlantic.
In 2024, Barclays helped raise and lend a total of $2 trillion in financing and capital for US clients. Our ambition is to double this amount over the next decade.
C.S. Venkatakrishnan, Group Chief Executive at Barclays said
As the leading British bank, with deep roots in the United States, Barclays is uniquely positioned to unlock opportunities that deepen commerce, drive innovation, and fuel sustainable growth. Our transatlantic presence enables us to connect clients to capital, ideas, and partnerships that power progress across both markets.
OakNorth are investing over $5 billion into the US market over the next three years, helping create thousands of new jobs across the country. As a digital bank focused on the lower middle market, OakNorth supports a wide range of businesses that drive productivity throughout the economy.
OakNorth was one of the first foreign digital banks to get approval to set up a US Representative Office in 2024 under the oversight of the FED and NYDFS.
Rishi Khosla, co-founder and CEO of OakNorth said
The US State Visit marks a pivotal moment in UK-US relations, with both governments reaffirming their shared commitment to free enterprise, strategic cooperation, and sustainable growth. The scale and ambition of the investments being made reflect the unique strength of the economic partnership between our two nations.
At OakNorth, we see this relationship in action every day – since July 2023, we have lent nearly $2bn to lower mid-market businesses in the US, and we are committed to investing billions more in the coming years. By supporting these vital businesses, we aim to help drive innovation, create jobs, and fuel sustainable growth across both economies.
Starling Group is investing over $100 million over the coming years to unlock growth in their US operations.
Raman Bhatia, Starling Group CEO said
The US State Visit highlights the importance of a strong UK-US economic relationship that helps create jobs, sustainable growth and pushes the bounds of innovation.
At Starling Group we are driving forward activity to bring our model of responsible digital banking to US consumers, and we welcome both governments reaffirming their shared commitment to free enterprise and strategic cooperation. As part of our ambition to unlock growth, Starling Group is planning to invest well over $100m in the US over the next few years.
Revolut is set to invest over $500 million in the United States over the next 3-5 years to accelerate its expansion and support its ambition to scale as a bank for American consumers. This investment is expected to create hundreds of high-quality U.S. jobs and underscores the strength of the UK-US economic partnership.
Nik Storonsky, Co-Founder and CEO of Revolut said
The United States represents a key pillar of our global growth strategy. That’s why we are committing over $500 million to significantly accelerate our expansion in the U.S. This strategic long-term investment will create hundreds of high-skilled, well-paying American jobs, while also enhancing competition and delivering greater value and choice for consumers.
It also underscores the strength and depth of the transatlantic economic partnership, built on the UK and U.S. shared leadership in financial innovation. We are excited to play a meaningful role in shaping the future of financial services in the U.S.
Wise is expanding their North American Hub in Austin, Accelerating Regional Growth and Innovation. Wise has over 700 employees in the US, and the company is increasing its current office space by 200% to 90,000 square feet. This strategic investment underscores Wise’s commitment to North America and reinforces its position as a fast-growing tech company and a major employer in Austin.
Isabel Naidoo, Chief People Officer at Wise said
The expansion of our Austin office hub is a powerful testament to the opportunity we have in North America. Austin’s dynamic and developing technology landscape serves as an exciting backdrop that will support the Wise team as we continue to build offerings that meet the international money needs of our growing customer base both locally and globally. We look forward to continuing our growth alongside this city’s success.
Broadridge Financial Solutions, a global Fintech leader, is strengthening its commitment to the United Kingdom with continued investment in London. The company is opening a new flagship office in the city, which will serve as its international headquarters. This expanded presence underscores Broadridge’s long term commitment to its UK workforce and clients, with capacity to grow beyond its current 750 employees in the UK as the company continues to expand internationally.
Broadridge recently acquired UK communications company, Signal, bringing nearly 100 skilled team members into Broadridge’s UK workforce. Together, these investments mark Broadridge’s confidence in the UK as a hub for financial services and fintech innovation, and its intent to play a growing role in supporting the strength and competitiveness of the UK’s capital markets.
Mike Sleightholme, President of Broadridge International said
The UK is an essential hub for global financial services, and we are proud to expand our presence here with the opening of our new London office as headquarters for our international business,” said Mike Sleightholme, President of Broadridge International.
Combined with our recent acquisition of Signal, we are strengthening our ability to deliver cutting edge technologies and solutions that help our clients and the financial industry operate, innovate and grow.
S&P Global is proud to announce the opening of its Manchester office on 3 November. This commitment to Manchester represents a £4.156 million strategic investment beyond its UK headquarters in London and is the latest addition to its longstanding presence in the UK, with 200 permanently based employees from its 2,988 colleague footprint.
The UK is home to many of S&P Global’s most important business units and operations; the UK is a crucial strategic hub for it to service its key markets worldwide.
Lloyds of London provided $20.8 billion in US surplus lines insurance capacity in 2024 – nearly 16 percent of the entire US surplus lines market – offering complex, specialist coverage where standard insurers are unwilling or unable to do so, including for newer and emerging risks that mainstream insurers may be less familiar with.
Lloyd’s holds over $14 billion in US trust funds, primarily invested in US Treasuries, supporting infrastructure and economic growth.
Chair of Lloyd’s Sir Charles Roxburgh said
The United States has an extraordinary economy, powered by world-class talent, vast resources and exceptional capacity for innovation. I remain deeply confident in its long-term growth potential. At Lloyd’s, we stand shoulder to shoulder with American businesses and communities – supporting growth and recovery by paying billions in claims when they’re needed most.
From the billions we hold in trust to safeguard policyholders, to our partnerships with leading US insurers and brokers, our deep integration into the US economy reflects both our commitment and our confidence in our largest market.
Rothesay investment in the USA Rothesay, the UK’s largest specialist pensions insurer, has invested over $10 billion in the US across sectors including US Public Finance (including healthcare and higher education), Residential and Commercial Real Estate and Infrastructure. Additionally, Rothesay has invested $7.5 billion in listed US corporate debt.
Rothesay plans to double its investment in the US market over the next few years, investing a further $10 billion.
