Belfast is to benefit from a wave of American investment after Bank of America announced plans to open a new base in the city, creating up to 1,000 jobs.
The move marks the bank’s first operation in Northern Ireland and will see Belfast join London, Edinburgh and Manchester as key UK hubs for financial services.
The new facility will focus on cyber security and anti-money laundering systems, areas seen as vital to global banking. Recruitment is expected to begin in the coming months, with roles being phased in gradually.
Chief executive Brian Moynihan said the bank was “pleased” to expand in the UK.
“Our new Belfast operations facility will support our global business. The early discussions on a US-UK trade agreement gave the certainty and framework to make this decision,” he said.
Citi Deepens Its Commitment
The announcement came alongside news that Citigroup will invest a further £1.1bn in its UK operations. Citi already employs more than 4,000 people in Belfast, making it one of the city’s biggest private-sector employers.
Citi’s chief executive Jane Fraser said the UK remained “core” to the bank’s global strategy.
“We’re proud to serve 85% of the FTSE 100 and to have stood by UK companies through every market cycle,” she said.
Industry observers say Citi’s commitment helps underline Belfast’s growing reputation as a technology powerhouse, especially in financial services.
Political Leaders Welcome Move
Northern Ireland’s Deputy First Minister Emma Little-Pengelly described Bank of America’s investment as “hugely significant,” saying it showed faith in the local economy and workforce.
“This is a real vote of confidence in Northern Ireland. These are highly skilled jobs and a sign of our growing global reputation for professional services,” she said.
Chancellor Rachel Reeves called the wider package of US investment proof of the UK’s potential.
“The commitment from America’s leading financial institutions demonstrates the confidence global investors have in our plan for change,” she said.
Business and Trade Secretary Peter Kyle added that the announcements showed the UK’s financial services sector was “at the heart of a modern, dynamic industrial strategy.”
Why Belfast?
Belfast has steadily built a name as a centre for fintech and professional services. Its young, educated workforce and lower costs compared with London make it attractive to international investors.
Bank of America has already made links with the city. Last year it funded a digital skills programme with Belfast Met to train 600 people from disadvantaged backgrounds, preparing them for careers in technology and finance.
Local analysts say the latest decision will ripple through the economy, supporting not just direct jobs but also smaller businesses in the supply chain.
A Transatlantic Dimension
The timing of the announcements is significant. President Donald Trump is due in the UK next week, with trade relations expected to be high on the agenda.
Officials in London say the early steps toward a trade deal between the UK and US gave firms the confidence to commit. For Northern Ireland, it is also a sign of international faith at a time when political and economic stability remain crucial.
The Bigger Picture
Altogether, the wave of US investment — involving Bank of America, Citi, PayPal and S&P Global — is valued at more than £1.25bn. It will create thousands of jobs across the UK, with Belfast set to benefit most directly.
For a city that has spent years repositioning itself as a global business centre, the announcement is being seen as a breakthrough moment.
Key Takeaway
Belfast will soon welcome Bank of America’s first Northern Ireland operation, with up to 1,000 new jobs on the way. Alongside Citi’s £1.1bn expansion, the US investment drive strengthens Belfast’s role in global financial services and marks another step in deepening UK-US economic ties.
