Global investment bank Goldman Sachs Group announced that it intends to expand its presence in the UK by opening a new office in Birmingham by the third quarter of 2021.

“The build out of an office in Birmingham offers access to a strong and deep new talent pool, excellent academic institutions, a growing technology sector and longstanding leadership in STEM industries,” said Goldman Sachs.

“We believe Birmingham offers a number of unique advantages and the city’s proximity to our London office will allow for easy travel between UK offices for our people to stay closely connected with other divisions and clients.

“Engineering will be the first division to build out in Birmingham with a mix of hiring and employee transfers.

“Similar to other strategic locations, multiple areas of the firm will also leverage this opportunity and we expect to have a headcount of several hundred across a number of divisions over time.

“The Birmingham office is an exciting opportunity to build on the successful expansion of other strategic locations and technology hubs in Europe in recent years, including Warsaw and Stockholm.”

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.”