New York-based multinational investment bank Goldman Sachs has announced plans to open a new office in Birmingham, England, by the third quarter of 2021.

The firm will initially build out an engineering division at the office through a mix of new hires and employee transfers. It eventually plans to have a headcount of several hundred across multiple divisions at the location.

In a press release, Goldman Sachs noted Birmingham’s “access to a strong and deep new talent pool, excellent academic institutions, a growing technology sector, and long-standing leadership in STEM industries”. It also mentioned that the city’s proximity to its London office will allow for close contact with other divisions and clients.

“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 a tremendous opportunity to enhance our UK presence and continue delivering for our global clients,” said Richard Gnodde, chief executive officer, Goldman Sachs International.

Goldman Sachs chief executive officer David Solomon has previously voiced concerns that Covid-related working-from-home measures do not suit the company’s work culture and encouraged staff to return to the office once possible.

“I do think for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal. And it’s not a new normal. It’s an aberration that we’re going to correct as soon as possible,” he told a conference in February 2021.