Banking
The West Midlands is one of the two largest financial and professional services clusters in the UK, second only to London, and acts as the financial engine for the Midlands region.
The West Midlands has left a large footprint in the annuls of banking history, as Birmingham and the Black Country were pioneers of the industrial revolution that transformed the banking sector, and banks Lloyds and HSBC (then Midland Bank) opened their first UK branches in the region.
Many global banks operate here, including NatWest, Lloyds, HSBC UK, and Barclays, employing over 10,000 staff. The West Midlands offers a significantly more compelling cost proposition than regions including the capital, and banks are already taking advantage of accessible real estate and a diverse workforce to build a better future here in the region.
Banking sector in the West Midlands
A place to live and work
The West Midlands is well-placed to grow its banking cluster over the next decade. Lower housing costs and commute times offer the opportunity for a better work-life balance compared to London.
Thousands of experienced and diverse professionals looking to put down roots are attracted to the region each year. It is no surprise, as people living in the region are 40% better off than those living in London. We are only 1.5 hours outside of London, and with the completion of HS2, we will be within 38 minutes’ travel time. Perfect both for employees who want to visit the capital, and for companies who still need to do business in London.
Growth and talent
The influx of experienced talent is matched by the region’s graduate talent output; 12,475 business, finance and law students graduate from the region’s nine world-class universities in the West Midlands.
The BPFS Sector has grown 33.4% in five years by 2023, and our financial services are in demand. Whether a small or large banking company, there is a community and a potential position for any firm to grow here in the region. The Big four global accountancy firms (Deloitte, KPMG, EY & PwC) employ more staff in Birmingham than any other regional city, and each of them employs large, specialist banking and financial services advisory teams in the city, negating the need for the region’s banks to procure such services from London.
“Birmingham’s growth as an attractive hub for business, culture and people continues, and we are incredibly proud to be headquartered here at the heart of the UK as we build a bank fit for the future.”
Free support services
We bring together a project team from relevant organisations across the region. This team includes property agents, recruitment consultants, public sector departments and universities. It delivers a comprehensive support package to quickly and easily help you establish and scale your business in the UK.
