Bank of England accelerates Leeds expansion as part of cost-cutting overhaul

"Under new plans approved by the Bank's court of directors, half of all external recruitment will now be based in Leeds, as governors push to meet a long-standing commitment to station 500 staff in the city by 2027 - roughly one in ten of the Bank's total workforce. Minutes from the court show that executive directors have been instructed to allocate 50 per cent of new hires to the northern hub in order to "further progress" the regional expansion,"

"The move comes amid plans to slim down the Bank's overall headcount and deliver operating cost savings of 8 per cent in the next financial year, in an effort to limit the growth of levies charged to the financial services industry. The Leeds push has been in train since the Bank announced five years ago that it would establish a major northern presence."

"Progress has been slower than initially hoped. As of December 2024, only 156 London-based staff had expressed an interest in relocating, despite the Bank offering up to £8,000 in expenses to encourage moves. There are currently just over 200 Bank of England employees based in Leeds. Governor Andrew Bailey has previously described the Leeds office as an opportunity to better reflect the communities the Bank serves and to broaden its talent pool beyond London."

The Bank of England is accelerating the expansion of its Leeds operation and will base 50 per cent of external recruitment there to reach 500 staff by 2027, about one in ten of its workforce. Executive directors have been instructed to allocate half of new hires to the northern hub to further progress regional growth. The institution plans to slim overall headcount and cut operating costs by 8 per cent next financial year to limit levy growth for the financial services industry. The Leeds office enlarged in 2023 and expansion relies on voluntary relocations from London and local recruitment. Interest from London staff has been limited despite relocation expenses. The Leeds expansion is linked to a major internal transformation following an external review of forecasting and modelling capabilities.

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