Goldman Sachs is to open a new office in Birmingham this year, in testament to its view that home working does not suit the organisation’s culture.
The investment bank’s new premises will initially be a technology hub when it opens in the summer, but other divisions are expected to relocate to the city later.
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Goldman Sachs said an office in Birmingham will give it access to a “strong and deep” new talent pool, particularly in STEM skills.
It will be staffed via a mix of new hires and employee transfers. Eventually, “several hundred” staff are expected to be based at the site when other divisions move over the coming years.
Goldman Sachs is adamant that there will continue to be a role for the office when lockdown restrictions are lifted. Earlier this year, CEO David Solomon described remote working as an “aberration” and said it was not “ideal” for the organisation’s culture.
Richard Gnodde, chief executive officer for Goldman Sachs International, said: “Establishing a new office in Birmingham will diversify our UK footprint and give us access to a broad and deep talent pool in the local area. We see tremendous opportunity to enhance our UK presence and continue delivering for our global clients.”
The finance sector appears torn over whether there is a future for the office. JP Morgan is considering whether to cut office space by up to a third, while HSBC expects to cut its office space by nearly 40%.
Working practices at Goldman Sachs came under fire earlier this year after it emerged junior bankers had been working 95 hour weeks and had experienced workplace abuse, excessive monitoring and micromanagement, shouting and swearing.
This week, Barclays unveiled a policy to help avoid burnout among junior staff.
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1 comment
At last an organisation that actually practices what it preaches about social inclusion and diversity and decides to invest in the city with the highest number of BAME graduates outside the capital helping to capitalize on young people with so much potential and skills not privilege.
Unlike so many companies who push these so called values yet never invest or create jobs in the region and city that needs levelling up the most with over 10 universities and access to a deep rooted talent pool from all backgrounds.
Take note the hypocrites from Channel 4 who preach about equality and diversity yet NEVER invests in BAME cities like Birmingham opting instead to go to Leeds as well as establishing creative hubs in the usual cabal of affluent “cool” cities , It’s always the same story whenever major companies create employment opportunities in this country the same cities are always lavished with gifts from senior middle class managements investment money tree London, Manchester, Edinburgh , Oxford, Cambridge ,Bristol etc.
Don’t worry their shortcomings will be made public soon under the systemic and endemic institutional racism and prejudice that allows senior level decision makers to ignore and disregard BAME communities and cities like Birmingham when it comes to job creation and levelling up.
We are taking notice and and watching and you will be called out very soon.