Bank of New York

The Bank of New York is the oldest bank in the United States and one of the largest banking groups in the world, with US$10.8 trillion of assets under custody.

In November 2004, it selected Manchester to be the location for a new operations centre. The Bank leased 91,000 sq. ft of office space at the prestigious One Piccadilly Gardens in the centre of the city. Measured in the tens of millions of US dollars, the investment is expected to create up to 750 jobs by the end of 2008.

The move was driven by a growing requirement to service the Bank's rapidly developing UK and European business. It was also aligned with its strategy of spreading its facilities across the UK, rather than concentrating them in one place.

As it was looking to locate an entirely independent operations centre, the Bank could feasibly have chosen to set up anywhere in the UK. It already has offices in London, Edinburgh, Swindon and Liverpool. Other places it considered included Birmingham and Glasgow.

However, Jackie Williams, managing director of the Bank of New York's Manchester office, says that regional and local public sector agencies, such as the NWDA and MIDAS, worked hard to understand the Bank's needs. The result was a comprehensive package of information that made a compelling case for Manchester.

"The decision to come to Manchester was based in part on the city's ability to support the Bank's rapid growth. The local agencies were invaluable in helping us to tap into the information and resources that we required to make that decision," she says.

Transport infrastructure was a key factor in the decision: the new operations centre is designed to not only support its growth in the UK, but across Europe. In this regard, Manchester is truly world-class. The 2007 European Cities Monitor, placed Manchester in the top 10 European cities for both internal and external transport links.

"We needed somewhere with a good reputation for financial services and a transport infrastructure that offers good links, both nationally and internationally," says Williams.

The Bank also needed access to a large and diverse labour pool with the right mix of skills and experience. Around 95% of the projected 750 jobs will be local and a significant proportion are at graduate level and above. This is another core strength of Manchester - home to Europe's largest university. Moreover, in 2006 the city became one of only three national centres for the newly formed National Financial Services Academy, set up to provide education and training in financial services.

"We had to be confident that we could quickly create a team capable of delivering a high level of service to our clients. Manchester was identified as being particularly strong in this area. Its well-established financial services sector provides access to experienced individuals, while the universities in the city and around the region allow us to tap into a huge pool of graduates," says Williams.

In addition, Williams highlights the region's supply of high quality, cost-effective housing; large cities bursting with cultural and social attractions; and areas of outstanding natural beauty such as the Lake District, the Peak District and Snowdonia. She says that for those senior staff relocating to Manchester, this combination of attractions was a significant factor in the move.

The financial services industry is already a dynamic growth sector in Manchester, another crucial attraction for the Bank. It is the largest and fastest-growing financial services sector outside London, employing around 172,000 people, or almost 20% of the workforce, and valued at more than £9 billion. Particular strengths include banking, insurance, asset management and financial support services. There are over 60 banks alone with offices in Manchester, 20 of which are overseas-owned.

Furthermore, Manchester has high quality office premises available at considerably lower rates compared to the financial sector's traditional heartland of London and the South East.

Williams says that the final element in the decision was the support that the Bank received from the local investment, regional development and training bodies, including the NWDA, MIDAS, Manchester City Council and Manchester Enterprises.

"The work of our public sector partners was very important in influencing not only our final decision, but much of the activity that has been going on since then. It would have been a much more challenging step to take without that support," says Williams.

"Key to the decision to come to Manchester was the availability of talented and motivated individuals at graduate and professional levels to fill the 750 positions that will be created."

"We chose Manchester because it has an excellent transport and business infrastructure, a wide and deep pool of talent and it aligns with regulatory and customer expectations of diversifying our business locations."

"The strength of the labour market has more than matched our expectations. We've been hugely impressed by the quality and volume of candidates to fill the first wave of recruits."

"Beyond skills and infrastructure, Manchester is a great place to do business. The financial services and general business communities are close knit and supported by public sector bodies that play a vital role in embedding new arrivals in the fabric of the city."