Bank of America to create up to 1,000 jobs in Belfast amid £1.25bn wave of US finance investment

Bank of America said it will open its first operations facility in Northern Ireland and create up to 1,000 jobs in Belfast as part of a new wave of US investment in the UK financial services sector worth more than £1.25 billion.

The investments, also announced by Citigroup, PayPal and S&P Global, were disclosed ahead of President Donald Trump's state visit to the United Kingdom next week and are aimed at expanding technology, compliance and cyber-security capabilities across UK sites.

The Bank of America facility in Belfast will house anti-money-laundering systems and cyber-security operations, the UK Department for Business and Trade (DBT) said, and is expected to generate high-skilled roles in Northern Ireland's fintech sector. A bank spokesperson told BBC News Northern Ireland that recruitment for the first roles will start soon and that there will be a "gradual build up" of the new operation as the bank finalises a location.

Bank of America chief executive Brian Moynihan said the firm was "pleased" to extend its investment in the UK, adding that recent discussions between the US president and the UK prime minister had provided the business community with "certainty and framework" to strengthen transatlantic commerce. The bank previously announced in 2023 a three-year digital skills and employability programme, delivered by Belfast Met, aimed at helping 600 people from socially and economically disadvantaged backgrounds.

Citigroup confirmed it would invest an additional £1.1 billion across its UK operations and reiterated a commitment to growing its presence in Northern Ireland. The bank already employs more than 4,000 people in Belfast and nearly 14,000 across London, Belfast, Edinburgh and Jersey, the DBT said.

Citigroup chief executive Jane Fraser said the UK remained central to the bank's global footprint and noted the firm's long-standing relationships with UK companies. "Citi's commitment to the UK runs deep," she said, noting the bank's role in serving major listed companies and supporting capital raising and growth.

The DBT described the Bank of America announcement as a "major milestone" that underscores Belfast's growing role in global financial services and called the city a "centre of excellence for financial technology and security operations." The department said the investment showed "international confidence in Belfast's talented workforce and advanced digital infrastructure." The package of announcements across US firms is intended to boost jobs and economic growth from Belfast to other UK financial centres including London, Edinburgh and Manchester.

Chancellor Rachel Reeves welcomed the commitments, saying the investments from "America's leading financial institutions" demonstrate the potential of the UK economy, the strength of UK-US ties and investor confidence in the government's economic plans. Business and Trade Secretary Peter Kyle described the moves as reinforcing the UK as a leading destination for investment and said the increased transatlantic links would strengthen the country's role in global finance.

PayPal and S&P Global were among other US firms that announced expansion plans or additional investments in UK operations in the same wave, though the DBT did not provide a detailed breakdown of each company's commitments. Officials said the combined announcements exceed £1.25 billion and will support thousands of roles, directly and indirectly, across technology, compliance and data services.

Industry analysts said such investments typically focus on leveraging local talent pools for technology and regulatory work, including anti-money-laundering and cyber operations, areas increasingly important to global banks and financial firms. Northern Ireland has positioned itself in recent years as a technology hub with a growing financial services cluster and university-led talent pipelines.

The announcements come amid broader discussions between UK and US leaders about trade and investment ties. Bank of America's Moynihan referenced early talks on a US-UK trade agreement that began in February, saying they had helped provide businesses with the certainty needed to expand transatlantic operations.

Officials and bank executives said recruitment for the new roles will be phased and that details including the precise location of the Belfast facility will be confirmed shortly. The DBT said the investments would support regional economic growth and help strengthen the UK's financial services infrastructure at a time when firms are investing in resilience and technology to meet regulatory and market demands.