The Bank of England has signalled plans to launch a new northern hub in Leeds as part of its strategy to deepen its staff presence across the UK.
The bank has been having a presence in Leeds since 1827. This includes a cash centre, which is scheduled to shutter in 2023 after the building’s lease expiry.
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The northern hub is said to be part of the bank’s plan to become London-focused. The bank seeks to deepen its reach, based around the office network used by its agents who serve as the “eyes and ears” of policymakers across 12 locations.
The bank is now launching a review into its geographical reach.
The review will factor in headcount involved, recruitment models, and the timescales for delivery.
It will also consider the remote working experience throughout the pandemic.
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By GlobalDataThe aim is to make it more flexible for employees as to how and where they work.
Bank of England governor Andrew Bailey said: “I made a commitment at my pre-appointment hearing before the Treasury Select Committee in March last year to look at how we can expand our staff presence across the UK beyond our existing Agency network.
“Working through a year of Covid has shown that we can function well virtually and, as the country begins to open up again, it is more important than ever to think about what our future working arrangements look like. This includes the options for working more remotely, and how we can gain better insights into the country and the people we serve.
“Having a greater proportion of our workforce located outside London and the South East will better enable us to support our mission.”
Last December, the Bank of England’s Prudential Regulation Authority said that UK banks to resume dividend payments after they were asked to suspend them amid the pandemic.
In the same month, Bank of England said in its latest financial stability report that UK banks are healthy enough to withstand severe economic blows and still continue to lend during the pandemic.
