The Bank of England has announced an expansion of its Leeds office, with one in 10 staff set to be based there within three years.
The bank's governor, Andrew Bailey, said the bank's northern team would grow from 70 to 500 people by 2027.
While the bank's overall headcount remains the same, the expansion in Leeds is due to both voluntary relocation and new hires.
West Yorkshire Mayor Tracey Brabin called the move a “vote of confidence”.
The bank, which has 4,971 employees, said the increased presence in Leeds aims to improve “trust and broader understanding of banking across the UK” and “better represent the people we serve”. He said that he is doing so.
Mr Bailey said: “Committing to the permanent expansion of our Leeds office will enable us to better represent the public, build stronger links with the local business community and expand the bank's work to more talented workers. “This is a great opportunity to promote the industry.”
Mrs Brabin said: 'This decision by the Bank of England is a huge vote of confidence for our region, cementing our reputation as England's leading banking capital outside of London and providing a great source of support for our talented graduates and professionals. “It will bring hundreds of jobs locally.”
“By moving decision-making power from London to the heart of the north, this move will benefit the whole country and help rebalance the national economy.”
